MD presentation was sobering.  Following commentary are my...

MD presentation was sobering.  Following commentary are my opinions.
CREG possible engagement has been abandoned in dispair. Political changes at the top of CREG have rendered them incapable of decisive action
CEIP output  ideally suited to China mills.  Not sure why, maybe because all testing was done with China mills
IRD never give up.
Still 2 CREG sized Chinese groups to engauge in discussions.
Next to canvass will be Japanese and Korean mills,  possible sources of finance as well.
Project has been reduced by 40% in size to broaden the appeal to investors.
Can reactivate the grand plan if a major investor comes on the scene.
In addition the "grain first" stategy has been generated which if actioned although being revenue neutral will act as a catalyst for the CEIP project as much of the infrastructure will have been put in place.
The idea is for wheat haulage to be trucked along the beefed up railroad construction road corridore to the newly constructed port rather than use existing roads.  General farming support exists
Appetite does exist in Beijing for large green field magnetite projects
Forget FMG turning up as an investor trying to shore up their declining headgrades.  This project is 1/2 FMG size and would ruin the balance sheet.

If you follow the changes in shareholder structure there are several groups leaving the register and the appearance of one group taking a large punt.
Who is the smartest?