Well I just had a read through the latest BRW top 200 magazine...

Well I just had a read through the latest BRW top 200 magazine and its safe to say that mining is the place to be, just ask Gina.

We have been siting on what could potentially be a world class asset and due to a bunch of crooks that have had their way for far too long, we are being robbed...sorry but there is no other way to put it.

If you read about the how the boys from Glencore took a business worth very little, and turned it into the largest commodities trader in the world, you get a sense of the wealth that lies beneath our big brown land.

Gina is in good company, with brave aussie troopers like Nathan Tinkler and Twiggy Forester, spending a few dollars to buy world class assets that no one else could see value in.

I am tired of seeing what a few morally bankrupt individuals who have nothing short of self profit at the expense of all others as their M.O are doing to this business. I was wondering what other H.C members thought of our chances to over throw the executive members of the board are, and replace them with some experiences hands might be.

Looking at the substantial holders list, we need to divide the list into those who represent good and those that clearly play for the dark side.

Cliffs, with 14.75% I would nominate as Capitan of Team Good.

Fairstar with 14.15%, captain of Team Evil.

Like all exciting battles, the teams seem evenly matched.

The third largest holder is Wynnes Investment Holdings with 13.04%. This is an investment vehicle of Mr David Law (Tien Seng Law)and his wife.

Mr. Law is currently the executive Chairman of T.S. Law Holding Sdn Bhd, an investment holding company in Malaysia. Mr Law owns a group of companies in Malaysia covering a diverse range of industries. These companies include those with activities in property investment and development, television and video production, food and beverage and steel plate distribution.

Mr Law has substantial interests in Steel, hence his attraction to our asset. Read more about Mr Law at
http://www.busystock.com/executive/Tien_Seng_Law.html

Mr Law's investment was arranged by current management, so I am putting him on Team Evil for the time being. However, having said that he paid 80c a share, and being an astute business person, is no doubt looking to make a return on his investment, so lets not discount the possibility that he may indeed turn and play for Team Good should the right case be put to him.

Important to note that Mr Law is already on the board as a non executive director.

Our 4th player, Hunan Valin Steel Co with 8.75% of capital.
Hunan Valin Steel Co. is based in Changsha, Hunan, primarily engaged in the smelting, manufacture and sale of iron and steel products, as well as nonferrous metal products.

Valin Steel provides wide and heavy steel plates, hot-rolled steel plates, cold-rolled steel plates, galvanized plates, steel wires, steel rods, steel pipes, steel strips, sections, steel slabs, copper plate pipes and aluminum products, among others, which are applied in industries such as construction, light industry, automobile, bridge and shipbuilding, among others.

Again, introduced by Team Evil, and with a representative already on the board in the form of Mr Jun Wang, a non executive director, clearly these guys are here for the iron ore.

Our fifth big hitter, Australian Conglin International Investment Group have 4.38%. They describe themselves on their website as a dynamic junior Trading and Investment Company established within Australia in 2008. Within 9 months of the company establishment, and with the support of their parent company, they have invested in several medium and small mining companies listed on the ASX. They are one of the top ten share holders of two of these ASX listed companies. As a new Trading Company in Australia, their mission is to deliver the best quality Coking Coal and Iron Ore resources to the Chinese Major Steel Mills in the most expedient manner.

Starting to see a bit of a theme here, no?

All of these Chinese steel industry heavy weights, have come together around what is potentially a very lucrative supply source for them. Clearly they have all been promised something that would see them taking the interest they have.

I have a feeling that the best place to start might be to engage with Cliffs. The problem of course is that why would Cliffs want to talk to a few disgruntled shareholders.

Anyway, thought I would put it out there and see what others are thinking?

Anyone care to contribute?

Kiril.

I hold.