Ann: Beer & Co. Research Report, page-25

I suggest that the news of the results of the negotiation on the JV discussions will be very positive. I still think a bid is forthcoming. The high $A is not good however the exchange analysts are predicting a drastic fall in the iron ore price which the $A mimics. Having regard to the Chinese investment in Simandou and in the Russian iron mines north of Manchuria I tend to agree that the $A will crash. Some analysts are predicting $US0.50. This will, of course, be of significant benefit to any Chinese buyer of HM who locks in a long term contract for processing. Looking good Peppie?