what is the purpose of the tungsten subsidiary

According to the announcement from the 25th March 2008:

'Ms Hobbs said that if the market approves Uran may look at an IPO to make the tungsten arm self-funding, whilst providing a benefit to shareholders.'

Does anyone share the opinion I have that this subsidiary is a waste of time? How do they expect to create significant shareholder value out of these types of deposits? Is it going to be yet another GTE type spin-off?

The only two reasons I can see at this stage in creation of the subsidiary are:

i) to give shareholders the opinion that management look 'active'
ii) a likely in-specie distribution that will encourage option holders to convert early providing cash to the company

A complete and utter waste of time IMO.

For holders sake, hopefully some good news will be on the way from Ukraine shortly.