re: Ann: HAO: Mt Webber Deposit Scoping Study... VIn regards to...

re: Ann: HAO: Mt Webber Deposit Scoping Study... V

In regards to your statement about the quality of the iron ore is not really in question. Its not beaut Brockman, but neither is anything else these days. But V, you are right about infrastructure. That is key constraint for all iron ore producers when they discover some tonnage (10s of millions of tonnes, to even hundreds of millions of tonnes but in the Eastern Pilbara), which is material, but not substantive enough for development. That is the key difference between GIR and everyone else (with maybe the exception of AGO) is that they are discovering enough. In this respect McPhee Creek is critical. From that project, the tonnage is relatively close to Port Headland to actually justify development, or at worst, a spur to a main rail arterial route.

That has some implications. It means that other than GIR and AGO all other budding iron ore companies will have to be taken over (even BRM???) if those projects will be realised economically.

In that respect WC, I dont think selling either Anthiby Well or Western Creek is a particularly good Idea at this junction because they have no need to, in particular Western Creek. BHP will eventually mine the contiguous Silver Knight at some stage. And GIR is not really short of cash. Plus they think they could increase tonnage there, which will just increase value.

If there only one thing I could be critical off (and maybe I am a little of the mark here) but what is the wisdom of a Definitive Feasibility for Daltons. I think the company is a little corporately naive. Getting Daltons will not get GIR re-rated by anyone in fact, even though its OK, its not really that sexy there are far better projects within the company than that, in fact almost everything except Beebyn. They need Australian research from Big Bank sources, by any means possible. They are fantastic managers, but they need to realise how the game works. They need to get this puppy on the radar.