Q&A Session - India Update, page-127

Thanks for this Q&A session.

Some time back there was some discussion on this list about the HiSmelt process and on September 6, 2018 you published the article HiSmelt not a threat to Matmor.

In that article you made no mention of the fact that NMDC, one of our Indian partners, was in fact looking at this technology (see Nagarnar steel plant commissioning soon among many others) and had been doing so for quite some time. As you will know this project has suffered many serious problems in schedule and execution.

Were you unaware at that time of this fact?

Is there any sense that our present situation has been brought about by risk aversion at the board level in NMDC as a result of the significant delays in their foray into steel making at Nagarnar?

Are ECT and NLCIL confident that they can actively control risk in India as they enter this new line of business.