ann. out, page-2

They must be pretty confident of financing to up the CAPEX in this way ... and the last section is the one that is most positive ...

"The Company has been conducting discussions with a range of
parties since 2007 about securing off-take from the Yalgoo Iron
Project in exchange for investment in the Project and/or the
Company.
• These discussion are now focused on four parties that may
separately, or in some combination, play a role in the
development of the Project.
• The proposal to increase initial production to 1mpta has largely
come about by the demand from these potential customers and
the Company is aiming to finalise agreements with one or more of
these groups in the near future.
• The Company expects to secure the funding it needs to complete
the feasibility studies for the Project from these arrangements. It
is also possible that some of these groups will participate in the
project financing solution for the capital to build the project that
is scheduled to be arranged in mid 2009.


Basically I think the upping of the output to 1 MTPA is at the instigation of these future partners ... they need it, and FWL's going to supply it.

This is fantastic ... and confirmation of the direction I always thought they'd take. Financing for discount PI.

And the Haematite ore is icing on the cake ...