to protect your position, page-8

YILGARN/MIS - BLINK; BLINK; BLINK

Thats the end of the Yilgarn state agreement strategy.

Now they might have to deal with deceptive and misleading conduct cases. WA Deputy Premier says MIS mislead investors into believing the agreement was a viable strategy to achieve the infastructure business. They seem to have walked away from it without even testing the law so they must have known all the time that the agreement was not viable.

Where to now for MIS/SINOSTEEL?
Who knows what MIS management will do. What they should do now is relax about the infastructure and focus on core business at Jack Hills and Weld range and get their fines heaps onto trains so they can resume exports. They took their eye off the ball and started to play the man when they hooked up with Yilgarn. They should forget that issue and let Yilgarn and Mitsubishi fight for the heavy weight title by themselves. MIS should get back to basics and focus on 3 issues: getting the ore out by 2011, their relatively tight finances and their good relationship with Sinosteel.

AND MMX - STEADY AS SHE GOES. In 3 years MMX Management have started a company with nothing and built a mini-me fortescue but with no debt and 250 mill cash. They have lined up with POSCO and Mitsubishi both putting in huge dollars. Well done. The rewards and dividends will be paid many times over in the next 3 years when 25 million tonnes of high quality and highly priced iron ore will be shipped to Asia each year. The long term shareholders will have most to gain when the dividends get paid, despite the ups and downs of the sharemearket.