Ann: Western Australian Iron Project MOU Signed, page-4

Progress...but still too early to know if positive, neutral or negative, IMO. From what I can see, KMG has a stranded asset in the Ridges project (DSO grade depleted and remaining ore waiting for beneficiation economics to justify). GVI appears to be a small unlisted entity with projects in WA, NT and Qld that seems to be seeking to do what NSL aimed to do in India. Resources First was an early financier and Marketing agent for NSL's Kurnool project, and they appear to be associated with GVI. The MOU arrangement with GVI appears to be cost plus share of revenue. While not abundantly clear, it looks like a year of dry beneficiation (eg Kurnool Phase 1) before wet beneficiation (eg Kurnool Pase 3). I get the sense that if the MOU progresses to agreement, this could be the first stage of a GVI RTO into IOR.

Of course, major questions as to the capitalisation levels and process required for this.

But then again, I could be totally wrong. Early days still, let's see how this unfolds and whether an opportunity exists for some current stranded investors to recover some losses. That is they key question to be addressed prior to re-listing. All IMO.