Continuing with the pros: 2. Personnel. There’s a complete...

Continuing with the pros:

2. Personnel.

There’s a complete transformation of the company here with Bill Bloking stepping down as MD in which I think he has done a top job. His replacement, Mike Folwell, is a former Managing Director of Iluka Resources. This is a major development for us. As our friend Peppie has correctly pointed out, Mineral Sands is a tough game best exploited by specialists, I think the ex MD of Iluka qualifies! In addition the team brings quality mineral sands geological expertise from Rio Tinto background to cover the whole gamut of the industry.

I have always had to agree with Peppie that if we wanted to be a mineral sands miner then we needed to get relevant experience into the team. I’m delighted that BB has that personal insight and the wisdom to follow through. Well done BB. An important question will be, if the Strandline deal doesn’t go through, can we keep the Mike Folwell anyway.

The second aspect of having Mike Folwell relates to finding partners for Coburn. I expect his background and industry exposure will be an asset on that particular quest for which a successful outcome will drive immediate value into our market price.

I think that the Broker presentation is making a reasonable statement when it describes the new team as World Class. It is in the context of mineral sands. This is a radical and positive transformation in the face and skill set of the company