Ann: Half Yearly Report and Accounts, page-9

Hi MStien.. they don't have two mines .. just the one .. which imo is a goody .. but I will come to that in a moment .. firstly need to understand that originally Nickel mines just operated thier mine and exported unrefined consontrate to Chinese steel works as most miners do but unfortunately the Indonesian government past a law that stated no minerals could be exported unless refined. Hence the development of the IMIP project .. which is a huge steel works .. you can research that your self .. so at this point they could just sell Nickel to the new steel works right .. oops one problem .. new laws also say they have to devest in the mine to 49% by 2035 ending up with only half thier business .. so if can't beat them join them ... Which was what the IPO was for .. $200 000 000 for 60% of two pig iron producing lines .. under a interim company called Hengjaya with an option to move to 100% payed by the profit of those line. To make this all happened they also had to sell 20% of the mine which gave them a 17% stake in another company which owns two more lines in the IMIP ... Ranger Nickel with the same sort of buy more options .. in the end four lines in a steel works that is just seriously B.I.G huge ...  The price correction today however was inevitable given the rise above IPO ... However given the outlook for Nickel and the fact this company does everything ahead of time and under budget .. well the rest is up to you ...