timing of jv announcement , page-3

Arsenic,

I don't think you will have to wait that long.

If I recall, NMDC is having a board meeting this Fri/Sat re MAK at which they will be deciding on how to proceed with the JV.

Having your directors in India as we speak for last minute negotiations makes perfect sense.

We know that the decision can only be made at the board meeting so I would presume that your directors might stay in India till next week just in case the Board has any questions.

You might want to ring your office and check.

I would also presume that you will see an announcement on Monday or Tuesday either saying that the deal had been reached or that negotiations are still in progress. I doubt that your management will go much longer without advising you since the MoU expired on the 30th October so it's their duty to update their shareholders.

You should also keep an eye on the Indian media over the next few days for any news about the deal as we all know that our Indian friends love to beat their drum.

My money is still on the deal being done through LCY but for you guys it really doesn't matter if it's direct or not as long as you get the access to the Indian wallet.

Good luck to us all.