Ann: Investor Presentation, page-9

From the latest quarterly;

"IOH expects to receive its first cash inflows from the project in the second half of CY2014, which will be a significant milestone in IOH’s development and growth path."

From memory MIN had six months from receipt of all approvals before it had to start paying for ore under the terms of the mine gate agreement over Iron Valley. The statement above that we are expected first cashflows this year should be consistent with this regardless of actual start date for production.

Min in their July Production report state that they expect to ramp up production at Iron Valley over the next two quarters and to then unwind production at other mine sites in order to maximise operational efficiencies by operating out of one mine site (i.e. Iron Valley). Hopefully this means they ramp up production quicker at Iron Valley to a 6mtpa basis which increases cashflow coming in, hopefully around $30m in EBITDA.