project timetable

Here's my estimate of the timetable (for Yalgoo Iron) from here....

Final Due diligence: May 9th to 18th
Binding offer/Contract signing/Announcement: May 27th
Shareholder/FIRB Approval: June 30
Definitive Engineering Study (12 months): June 30 2012
Bankable Feasibility Study/Financial Investment Decision (6months): Dec 2012
Construction and Commissioning (18-24 months): Dec 2014

FWL will need up to $15m for 18 months worth of studies prior to FID.

Funding by the Chinese of feasibility will give them the right (not the obligation) to JV at say 50:50.

FWL will then need to raise up to $500m in debt/equity to fund their 50% of construction cost, which might mean further capital raising (dilution) before construction commences.

Additional funding of up to $5m would be required for Western Haematite feasibility. If they can prove a viable resource, production could commence by July 2012.