Ann: Third Quarter Cashflow Report , page-12

The iron ore space has been marked down across the board.

The market will become rational again---China is not going away---millions of Chinese have had a taste of the 'good-life'---millions more want it too.

The Chinese will be enjoying the lower iron-ore prices to slowly rebuild stocks---why pay more than they have to.

A year or two ago you heard the big expansion plans of BHP and Rio Tinto---some of these plans will be put on hold---because of spirraling costs.

The industry needs sustainability---Australian labour will have to become competitve--necessity being the mother of invention---Australian companies should be able to tender for mining infrastructure build on the international market place.

Unions will hate it.

ROY being in the magnetite space will be suffering a bit from the costs over-runs at GBG.

I have added to my holding at these prices---the magnetite is not going anywhere.

These are just my thoughts and opinions.

Cham