Ann: Chinese Mining Fund Signs MoU for Stage 1 DS, page-39

re: Ann: Chinese Mining Fund Signs MoU for St... It's also about getting into production. Once you are in production it means alot to the investing community especially in iron ore. IFE/TRF are very focussed on ticking off boxes and getting into production before the end of year. This means they will have more options in funding stage 2. I wouldn't even be concerned about stage 3. Stage 2 is the real project. The feasibility for stage 1 doesn't even have to be bankable anymore since they already have the funds in place. Also doesn't matter if it is a month late in June instead of May. They can now go and build the plant and go into production parallel to finishing the feasibility study. They will only have to aim for 6mt of DSO (for 3 years). Anymore than this will be a waste of time drilling since they will push ahead with Stage 2 as soon as possible. I still think they should have got a better deal out of the Chinese though. 30% instead of 50%. But we are not the company directors in these financial times at the end of the day it is easier said than done.