This from chairman Ric Allert in Adelaide Advertiser in December (but also remember he did not take up any shares in latest raising). ****Mr Allert, speaking after the company's opening ceremony, explained: "I did a lot of due diligence and it came up trumps, both in terms of the prospects and the people involved.'' Mr Allert said being able to bring the mine from discovery in 2008 to production was now a credit to the team running the project. He added: "There's been some great leadership by (managing director) Norman Gardner and Scott Perrin." And he said getting the mine from first discovery to production in five years was a "staggering" effort. "It is recognition of what can be achieved with hard work and commitment, not only by Norm Gardner and his team but also the Northern Territory Government (and the previous one) . . . they've been committed to getting it up and running.'' The first stage of the project aim is to export 2.5-3 million tonnes a year of high-grade, direct shipping ore, for eight to 12 years, but there are bigger ambitions. "We've got resources of 600 million tonnes,'' Mr Allert said, adding that only 20 per cent of the 1700sq km of tenements had been explored. "It's one step at a time. We want to get up and running and accumulate cash then get to the next stage of beneficiation (of the lower grade ore), that could take us up to 20 million tonnes a year.''
WDR Price at posting:
33.0¢ Sentiment: None Disclosure: Held
