Ann: Hamersley Iron Project Agreement , page-2

this is desperation at its best

why are we selling our 49% stake before they finish drilling, they are just about to complete a 15,000m drilling program which, going by early results, should more than double the resource?

$35m is our payment on what is there now

i.e. 143mt x 49% x 50c/t = $35m

potentially twice that in less than 12 months, given CAZs track record I would like to see how they are going to double that money in 12 months now

I dont mind selling early if Parker Range had port allocaiton but we are giving away all our upside at Hammersley for something that still may not get off the ground

the only other rationale i can think of is that CAZ is getting ready to put the for sale sign up