potentially earning US$300, page-42

I agree that there is uncertainty about IO, but if this agreement goes through and Timis Corporation can get an agreement through with African Minerals to use some of their Port infrastructure then I would suspect that Frank can get the cost per ton of London's Marampa mine down below the $50 a ton that London were achieving. Remember African minerals cost per ton is only $30 and the IO price is about $79 (I think). Therefore there is a lot of fat in the current price to provide CFE with the $2 royalty for their $12 million loan and a $3 to $5 royalty to CFE for their Oxide. Uncertainty does not matter, we get $2, $3 or $5 a ton with no additional outlay.

As I said before I suspect that Frank has entered into the CFE Oxide prchase deal because that gives the African Minerals shareholders a cut from their 18% or so holding in CFE and therfore are more likely to approve some use of their Port infrastructure for the CFE Ore component.