Ann: Company Update , page-16

Things I'm concerned with:

1, by the end of June there might be only 20Mil left in the bank. so a capital rise is on the card, and the company gonna run out of cash in 1 year's time. it is not that far away.

2, early this year Valin has stroke a deal with FMG and became third largest share holder of FMG. I doubt about Valin's intention on GWR. one of GWR's big gun is its relationship with Valin. now Valin already had a stake in one of the major iron ore producers. i think Valin might not be as keen as before to see GWR going to production any time soon.

3, the spin-off of non-core assets is welcome. the asset is not reflected in SP anyway. just a matter of the right price, then i'm happy with the decision.

4, the management. FMG is a legendary story because Twiggy has driven the development of the company so hard and used many possible tricks (either moral or not). I doubt the management of GWR got capability to make things happen quickly.

5, above all, GWR can not be be left alone. it will die. GWR must team up with someone like steel producers, infastructure companies, local/international bankers and with very good marketing strategy. the current marketing of the company is awful. If partnership with Valin does not work, go and find another chinese firm. they have what we don't have: the money. and we have what they need: iron ore. with the rio case going on, the process of diversification of ore suppliers is already on the way..