t/o, page-15

it would probably pay s/h of FMS, to have a really close read of the Qtrly of Western Desert Resources - WDR - and the Updates and Reserves update recently released.

I am not a s/h at all in WDR.
They recently did a R/I at 50c - and their SP is about 19.5c - 52 wk low!

I have only had a brief read.

the reason we should all read their announcements, is to get a better grounding of the real issues FMS faces.
WDR is in NT, trucks their ore 220klm to a load out facility - ore is barged to carriers 35klm offshore.
their ore is DSO and about 60%-62% FE.
they currently have about 5yrs Proved and Probable reserves at about 3mtpa production.
they have a $80m drawn loan facility with MacQ Bank.
they have Offtake Agreements with Noble of HK
pricing is at Spot basis

My point is the troubles they have had in ramping up, IO prices, barging operations, tonnages, and debt issues are all pointers that we s/h in FMS need to understand, and analyse.

WDR is not directly comparable with FMS I know, but the underlying issues are.
anyway, FYI only

cheers