here is a real magnetite project fyi, page-43

Previously held this stock and got out at a large loss in 2008.But at least i got 52 cents for them. A Chinese company pumped in millions, did their due dilligence, failed to negotiate a deal with Palmer and then walked away.

1. Even then it became apparent that we needed a lot more than 1 billion tonnes for it to be viable.

2. Hedley walked and so did Caruso.So did the Chinese company. ALL knew that we needed more than 1 billion tonnes and Palmer was not forthcoming.

Fast forward to 2011 and what would it cost now?

CITIC Pacifics original budget was about $3 billion and now it is anwhere from $5.2 billion to $5.6 billion.

Hong Kong listing attempts have largely failed as the IPO price is always too high.

Word back then was Palmer is just an appalling fellow to try and do business with. People should remember how he got his hands on these leases in the first place.