Thanks for the link AdamD and happy new year to all CAP...

Thanks for the link AdamD and happy new year to all CAP shareholders.

2014 has to be a better year for CAP than 2012 and 2013. The management changes, fighting for seats on the board, the J/V with Hillam falling through and the legal battles all had a negative effect on the value of our investment. The share price nose dived and volumes traded dried up.

The one saving grace that I see is iron ore seems to be holding its own, despite what many analysts predicted and if management can do a deal, such as an off take agreement with an overseas steel mill, then we will IMO come out well on the other side.

For me, CAP still offers a great story and has huge potential. Our main asset (Hawsons) continues to be derisked but other parts of the company now carry more risk (IMO). By this I mean, we are no longer free carried into production (as per the original BMG J/V), the financial stability of our largest shareholder is often raised as a potential issue and obtaining funding for greenfields projects is getting harder and harder.

I also will be interested to know if Conglin Yue took up his full entitlemement in the recent capital raising, or is he focusing all his efforts in Australia on NTU & ORN?

Despite sitting on decent paper loses on my shareholding in CAP, I am happy to sit and wait till May next year and see what the feasability study comes up with. Our two largest shareholders both claim to have excellent connections to Chinese steel mills, so 2014 should be the year where these connections come into play, for the benefits of all shareholders.

Also as a positive, if we can secure an off take agreement, then we should be able to secure a decent contract price for infastructure due to the recent down turn in CAPEX within the mining sectorand the Broken Hill conmmunity is very supportive of the project.

I hope that in 2014 CAP becomes the shining star of my portfolio, instead of the rock containing magentite ore currently waying it down.