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Hi Hiten, I must admit I have been considering selling out of RHM recently; SP falling, being told by a Geo that sub 70% Fe ore fines meant a large dilution in FOB prices. Can anyone confirm the price assumption in the presentation looks realistic? Did they quote spot or contract prices?

I am a bit out of touch with current prices, but they seem to have discounted the FOB price by 20% ($150/t to $120/t). Are they still at historical high prices?

What would really lift SP would be a take off agreement with an American steel company. I did think that the 'Key Investment Points' slide was excellent. It did show the large potential of this company making Buena Vista project and resolved to buy a few more.

On your earlier comment about what value would a NPV of US$240m value the company? Well I remember being told that BHPB is valued at approx. 70% 0f their NPV. So I would guess it would be lower than a blue chip / multi resource company, say 50% when operational. That would mean a market cap around US$120m, i.e. 6 to 7 times bigger than current SP. If my figures are off the mark, please tell me. I would love to hear different views. TFP.