Ann: Company Update , page-8

Pilbaraboy

You are absolutely right, Hanlong came on board agreeing to the conditions. They have had two extensions, MOL is in a great position with its iron ore. So lets hope the Board sees to it that Hanlong pay and forfeit some of the loan. MOL should have no trouble in paying back $15mil its in the bank.

For those who have not done their homework, cost of mining the iron ore is under $50ton, for the first few months that could blow out to $60ton for removing the overburden. If they can maintain 59% fe at todays prices they will net $100mil. They still however have admin cost associated with the Molybdenum side of business, but these should be minimal.

As pilbaraboy points out iron ore prices look set to rise even further.