Hi Wachucky,Very nice post and great points!! IMO you have...

Hi Wachucky,

Very nice post and great points!! IMO you have pretty much nailed each point on the head!! My thoughts below:

Point 1 - Agree with you there.This was needed for all the consortium partners and should trigger the laying of the first stone and hopefully an update on a possible IPO and or re listing (unlikely).

Point 2: Where did you get the 100M figure from? I don't recall reading that anywhere? IMO it would have cost more than 100M. But yes, now that this is completed IMO we should start seeing lots of movement.

Point 3: Agree. But also mindful these feasibilities studies normally take 2 years or more. 12 months is quick. You are right is confirms the commitment and IMO was funded by the off-takers.

Point 4: Agreed. IMO funding has already been secured. As stated above this should allow construction to start. I wonder if Ding is off to Africa now or will that happen after Christmas and Chinese NY?

Point 5: Agreed, fantastic news to have a company like this on the team. We have some of the best of the best in each field (Port, Rail and Mines).

Point 6: Agreed. It is looking like an IPO on the HKSX (I have been saying this for over 12 months now). IMO this is further evidence of this. This does also read that it could be a TO but i do not think that will be the case. Too much upside for SH to allow a TO (but always and option in this environment).

Point 7: MOU's aren't worth the paper they are written on. Once we get binding documents I will be happy. It does show progress and that something is simmering in the background.

Point 8: This part is where I have some questions. From my understanding the 2 x off-takers are funding the 10B needed for the project. One being Baowu Steel and the second being TsingShan Holding group (both fortune 500 companies and Baowu is in the top 50 of that list). The additional 5% equity partners have me confused. If i were to guess - it would be the companies that and engaged to build the port and rail. Maybe Yantian Port Holding,China Railway Construction Company, China Harbour Engineering Company, China Railway 20 Bureau Group Corporation or as you mentioned CCECC or CMEC. ie. Equity investment + shares and they will run the port/rail (like Yantian Ports do with HK port)...

My questions I still have are:
1. When do we IPO and at what evaluation?
2. Why do we need additional equity parties at a 5%?
3. When will construction begin?

But as you said all in all, it us fantastic to get back-to-back updated with more details. I am hoping for another update before Christmas.