ARH was one of the most advanced magnetite projects in January...

ARH was one of the most advanced magnetite projects in January 2008 with an imminent deal with Shougang. And the Midwest was being talked up and there was a fair bit of competition with Shougang electing to throw some money down around there instead pursuing the project with ARH, pressure tactics or just good old Chinese checkers or games. Oakajee was being talked up, railway lines were to be built linking the whole of the Midwest to ports that were to be built, everything was going gangbusters then the wheels fell off at ARH first when the GFC hit and it took a fair bit of time for the wheels to fall off all around the Midwest and Oakajee which is still happening now. That was four years ago now we have ARH in a position where they have a port facility near completion and only have to build a conveyor belt instead of a railway line and two billion of magnetite to mine. We now have an imminent deal again and if so ARH will be back in front as the leader in producing magnetite of any Australian company. Citic during that time has built a world class mine just over the creek which is nearly complete and ready to mine. Off course there was cost overruns and took longer to build but I’ve never seen any project that that hasnt happend in the North west. ARH will have learned from all the mistakes and pitfalls that Citic came across which should flow to the bottom line. So there you have the “CYCLE” all we have to do is get a deal over the line now but beware nothing ever goes up or down in a straight line.