re: mt oscar iron ore, page-2

re: mt oscar iron ore I look at what Apollo did who are next door. Gave a Chinese mob 19.6% of AON and ~15% offtake for $4.5million. A great deal and my hat is off to the AON management.

Problem for Fox is they already have a Chinese group on board, Jinchuan. IMO that is not that attractive to an Iron ore Chinese company coming in when they already have a big Chinese Nickel company in the tent.

Even if you look at the AON deal on Mt Oscar (and AON have other Fe projects) and say Fox sell 100%, who would give them $18 million. I think Fox would be lucky to get $2million for Mt Oscar. Particularly while the MRRT still applies to Magnetite.