Mr ToneDeaf,***CAN YOU HEAR ME OK??? ****I think you're right....

Mr ToneDeaf,

***CAN YOU HEAR ME OK??? ****

I think you're right. I've never been a fan of THX holding in UMC. They got the shares for a transaction that was completely unrelated to the iron ore.

However, if anyone thinks that they are going to get THX 20.4million shares for $2 each then tell 'em they're dreaming. I think $5 is far closer to the mark.

UMC has gone a bit quiet lately, and the boys from Broome haven't given us much feedback.

My intuition says:
Wait for the drilling results from Yandi and Jumbo. This could come around late October depending on assay lab turnaround times.

I think we will enter a quiet phase in UMC for a few weeks, but I'm happy to be surprised to the upside.

I am looking forward to these things before the AGM:
1. Further results of drilling at Railway (remember those intersections that terminated in high grade ore).
2. A measured resource for Railway.
3. Initial (but reasonably comprehensive) results from Jumbo and Yandi exploration drilling. Don't expect a tonnage at this stage - but enough to whet our appetites, and crank up bungy's mapping software.

After the AGM:
1. More drilling!
2. Corporate deals regarding Railway.

2 years from now:
Revenue from between 2 and 10Mtpa being mined and shipped.
Think about this:
2Million tonnes x $120/t = 2.4Billion in revenue.
Of course there will be costs, and the taxman to consider, but I doubt that UMC would be a $300million market cap company at that stage.

And then!
A maiden $1 per share dividend. Yeah ok- just kidding.

Don't forget the bauxite,

Joel