yesterdays presentation not on website yet?, page-14

Pages 5, 6 highlight Matmor has taken centrestage. In the past, Matmor was briefly mensioned at the end as a passing thought. Now its highlighted before Coldry - says it all.

First time we have seen costings for raw materials. In the past it was "50% less capex, 50% less opex, 50% less emissions".

Spot price US$356/tonne. Matmor $50-200. At the lower scale $50 its probably brown coal and tailings/millscale (the obvious option). At $200 its probably high grade ore.

So up to 7 times cheaper to make than current steel - easy to see why Matmor is the focus now. Coldry has a few "competitors" - Matmor appears to have none. A revolution as they say.

Re emissions:

Hardly any mension in this preso - a side point at this stage given Copenhagen/ETS are on the back burner. In the past it was always 30, 40, 55% reductions highlighted. Not so in this one. Its purely about the attractive enonomics and ability to be transported.

Highlights the Adam email - Coldry is a flexible, economic stand alone BCE with Copenhagen/ETS a bonus when it happens. Fact is the world even now wants cheaper, better quality, cleaner BCE...in that order.

Imagine the attraction once emissions are again confirmed as a major issue.