update strikes interest in peruvian iron ore , page-24

Yeh I hear ya Orbs :)

Put it this way, in this present environment and taking into account the lead time they are talking about bringing this project online, I would of taken the US$650mil for the project in the blink of an eyelid as well :)

However, I guess the positive remains that the project is still truly world class, there is no doubt about that and the proof lie's with one of the majors recently knocking on the door willing to offer US$650mil for it etc. As mentioned from me, the major negatives are obviously the outstanding legal issue's (which I'm sure will be settled shortly anyway but I don't think favourably for SRK), current very long lead time for the project, outstanding mining approvals from the indiginous people in Peru, incompetent SRK management imho.

In hindsight, I bloody wished we had taken the money as well now :). However, I guess if we can prove up some more reserves for the project which should be a given, then really that should mean that the US$650mil previously offered would then pale into significance into what the project will be worth later etc.

Finally, who's willing to bet against me in that I say there is NO way SRK will get a 2mtpa operation started in Feb 09 lol???

Good Luck All