As an old timer on the IOH threads I'm sure most of you know me...

As an old timer on the IOH threads I'm sure most of you know me as a believer and a supporter of management.

I must say though, currently I'm smelling a lack of genuine achievements, a few timelines have been missed now and the language used indicates longer waits may be ahead...

We need that Min Res development of IV to fire up and I would rather see it happen now at 4mtpa than wait for a rail deal with FMG that maybe gives scope for more. Iron ore price is high, the royalty will kick us along nicely, what do we care whether Min Res uses trucks or rail to get the ore out? It affects their bottom line but probably doesn't impact our royalty.

As for Buckland... Fair enough it's a complex project, I'm not expecting that to be stitched up overnight but even more reason to get Iron Vally moving in the mean time - we had an access agreement signed with the traditional land holders quite some time ago so this "heritage" issue just smells wrong to me... Please don't let this be another false start on IV we've had a couple of false starts in the past and I really hope Alwyn can pull this together in the near term.

Still hopeful, but with one eye on that ticking clock...

SW.