Ann: Share Purchase Plan For Shareholders, page-11

Infrastructure is one issue for most companies. FMG got their own infrastructures, but look at their presentation. Why they expend from 50mtpa to 160mtpa+ and later on possibly to 200mtpa with 5th berth? FMG actually took out massive debt to achieve this (could have stop at 50mtpa and very low debt). If you actually speak to Andrew Forrest you will know... infrastructure is one important thing, but also need mass production.

IMHO most explorer will not get anywhere. Other big players are increasing production by 40% by 2017, this not including Gina's project of 55mtpa. IMHO you are looking at 2025.

I did predict IO fall several years ago and sold out ROY and made good profit.