valuation

There has been a lot of talk about our worth. If you refer to the independent valuation done by SRK last year, when we only had a JORC of 617MT, the value was $69.7M for our 40% and $104.5M for LCY 60%. Our situation has improved greatly since that valuation, as our JORC has tripled. Some LCY holders are trying to bench mark what was paid by NMDC for a half share in their company to what should be paid for our share of MT Bevan. They are using the wrong yard stick as NMDC paid a low price because of what they have promised to bring to the table,ie a shed load of cash. When they fulfill this promise LCY holders will be sitting pretty and all the stress they have been thru will seem as nothing compared to their new standing as a significant iron ore producer. Hopefully NMDC will walk the talk and act quickly so we can have a win/win situation all round. Just remember when you post a low ball price for HAW 40% you are shooting yourself in the foot, as it means your 60% share is only valued at 20% more. When potential buyers of our respective shares see all this nonsense some posters have been carrying on with they treat us with the contempt we deserve, so wise up and keep it sensible.