MOU = Memorandum of Understanding is a mutual agreement between...

MOU = Memorandum of Understanding is a mutual agreement between two companies. An off-take agreement is where a company eg a steel mill, agrees to buy the Buena Vista ore at a certain price for a certain length of time. They need to sell the iron ore to someone so they will need to line up an off take agreement at some stage in the future. A MOU might be where a company agrees to help with the project funding in return for a guaranteed supply of iron ore, or where RHM agrees to costing terms with a port or transport provider. These may still be a little way off yet.

I also noticed that Narracoota is now to be revisited in early 2011 instead of mid 2011 as previously advised in the shareholder update.