and so it begins, page-61

5hareholder,

As I noted in my post, I greatly respect and appreciate your posts and like usually, your comments were well thought out and logical - worthy of a thumbs up even though I don't agree with all your comments, completely understand where you are coming from.

I think you may find that the answer (or at least part of the answer) to why some one would spend $3B on CAP in comparison to buying 5 other iron companies in more developed positions is the margins - and that's oneof the big reasons that keeps me being positive on CAP. If the iron ore price is consistently lower in X years time, CAP will still be making money.

I acknowledge I no little about AGO, GBG, GRR, MGX and BCI - however what I do know is that AGO, MGX, GRR and BCI are included in the recent comparison of margins at US$93/t for 62% Fe and at that price, two are in a loss position, one breakeven and only BCI is making money at EBITDA of $12. Compare that to CAP with an EBITDA margin of $32t which is not far behind BHP at $40. Add that to a long life mine with good management and it ticks enough boxes for me. (see slides 7 and 27 from 20 November presentation - try link below)

http://www.carpentariaex.com.au/Files/4493100Mining_South_Australia_Presentation.pdf

I understand your comments re uncertainty and the stage of life you're at - but hope you keep following CAP and that the uncertainty slowly evaporates enough for one of your future posts to disclose stock held.