Ann: Voluntary Suspension, page-32

I fully expect (or perhaps that is 'hope') that the strategic review under a new CEO is to determine the viability and appetite for a massive acceleration of their India plans. The current strategy seems to be one where they are racing to build low volume capability for producing product at the lower end of the ore value chain - and struggling to get there.  If they were to scale up their ambition to rapidly get to pellet producing status - and at scale - and with options, feasibility studies and plans for a later steel plant.....they will attract the attention of players and partners, with local context to make it happen and the capital.  And perhaps Chinese money too.  IOR's contribution is that they provide a vehicle for doing this that is a) not one of the established big domestic players; b) not perceived as Chinese; and c) a local "success story" (at least in terms of a narrative) that came in from overseas, immersed itself in local community and worked closely with state government development plans.

Then again, they may conclude to just fine tune the existing plans.

Let's see.