positives from ann, page-20

anthony - with many years experience of iron ore and currently working an a BFS for another iron ore player, my honest sincere opinion is that no, this announcement was not positive. as posted on another thread my main issues include:

1. poor conversion of resource to reserve which cannot support a 10 year 35mtpa DSO operation
2. high capital costs for processing (is there an issue with the ore type?)
3. blow out in schedule - first ore now not until Q4 2014 (which explains why they are using long term pricing instead of spot pricing)
4. no news on commencement of early works (previously scheduled for Q1 2011). If not commenced likely because they are nervous about funding.

I will be reviewing my holding over the next few days but likely to get out and take some profit, wait and see if they actually can tie up some financing.