Ann: Quarterly Activities Report, page-4

Not bad,......hhhmmm - one figure sticks out like the proverbial DB's to me - just another graphic showing of why KI can't open soon enough.....

MGX FOB Ave. realised fines price for DEC Quarter = US$21/dmt FOB

"As previously foreshadowed, the ratio of lump to fines sold from Iron Hill increased during the quarter, with high grade lump accounting for approximately 60% of DSO products sold. Iron Hill lump sales achieved an average realised price of US$63/dmt after grade and provisional pricing adjustments and penalties for impurities, consistent with the prior quarter. However, the average realised price achieved for Iron Hill fines sold during the quarter was US$21/dmt FOB (US$24/dmt before provisional pricing adjustments from the prior quarter), reflecting the significant impact of discounts on material grading below 62% Fe and higher shipping freight rates in the quarter. As noted previously, standard Iron Hill fines material presently grades circa 59-60% Fe while lump material is expected to average more than 60% Fe over the production life."


Now i know thats for fines, and a reasonable portion of what they sell from Iron Hill is lump, but thats a startlingly low figure - they won't want a continuation of that number for long......

Bring on KI!