waiting wanting, page-2

Hi Santo1

That is abig hit, bad luck.

Okay I been gathering some more info. None good I am sorry to say.

1, Spoken to key ARH staff who say that they be lucky to get the project going until mid 2012. They have major issues with Palmer deal (what a surprise) and MCC wanting more money another $800 million and the key problem is that MCC does not have the expertise to complete the project to be able to turn the equimpent on!!!

2, Gained some more info on RIO and West Africa, there magnetite deposit need no processing at the average grade over 60% and in some sections over 75% FE.

Taken all together I see FE ore price 50% low than where they are now inside three years and RIO/BHP in WA, RIO/Vale in West Africa and Vale Braz will be shipping enomous quanties of FE with a cost price of less than USD 40 FOB. But still making good money.

Thus all high cost producers will suffer and be unable to make any money.

My view now for ARH is that it is time to move on.