Ann: Significant Drill Results at Mt Celia-LCY.AX, page-49

NMDC will not loose control because they own too much of this company. Even if they sold 10% of shares, they will never have anyone who can accumulate enough to be a major holder and remove them.

I do believe they will own the company outright at some stage and for that reason and the history behind it, there is a real risk in holding long term. At any time they could announce a credit raising for future acquisitions or to fast track Bevan and NMDC will be the one who will pick up the majority of shares, diluting others and increasing their percentage. Once that happens and they are sitting on 90%, it will be game over for share holders and hello India, we bought another cheap Aust asset!

Now some may think Bevan will not be fast tracked and I totally agree with that sentiment but there is nothing stopping the above example from happening and then changing their focus or withdrawing the fast tracking idea of Bevan into production.

I expect when the time comes, NMDC will link up with Jupiter mine and do a joint private venture in 10 years