AKA, Tony explained very clearly many months ago why the...

AKA, Tony explained very clearly many months ago why the decision was made to go with Timeone and not the Japanese trading company. Timeone offered numerous benefits that the Japanese couldn't offer, especially with regard to beneficiation facilities at Rizhao Port.

The announcement from December last year...

Under the terms of the agreement, Timeone will manage the barging of Irvine Island pre-concentrate to a trans-shipment facility located adjacent to Irvine Island from where it will be shipped to Rizhao Port, China. Rizhao is the world's largest iron ore import terminal located in Shandong Province, China, with close proximity to a number of Chinese steel mills.

Timeone has secured a separate agreement to extend existing beneficiation facilities at Rizhao Port to produce a 67.5% premium iron ore concentrate. Timeone will market the concentrate to end-users at market prices, utilising its strong end-user relationships and existing routes to market.