Just because First Samuel have invested in NSL in India its no...

Just because First Samuel have invested in NSL in India its no different to Resource Capital Fund (RCF) investing in India Resources IRL, its not their money and they can/will write it off the same as RCF did with their IRL investment. IRL never got paid the $15 million owed to them by HCL an Indian Government company even after a Court ruling.
You can be sure in India if NSL ever gets into a position to be competitive with an Indian company, I know what will happen.
Unless you haven't noticed all iron ore producers are on the nose with investors. I don't think that will change for a very long time. It doesn't matter even if NSL does start producing 400,000 tonnes annually. Unless huge profits are made and dividends are paid, NSL will go nowhere. You only have to look at GRR with a market cap of $190 million with $200 million in the bank and paying a 14.4% dividend ( including franking credits). Plus GRR has a 1 billion tonne Iron ore resource to develop