where to from here?, page-12

To further explain. Following the short reference to AQD and Cleveland Cliffs I researched past information on the latter.

I had not comprehended how big CC is in the iron-ore pellet business. After earlier setbacks in Australia in the 1980's they were reported in early 2005 they were going to build a substantial launch pad in Australia from which to target opportunities in Asia. This began with the takeover of Portman.

When you look at the magnitude of their operation it becomes obvious they need to build partnerships with likely owners of high quality resources. Thus the investment in AQD.

Hence my comments on why I will take a softly, softly long-term approach to my investments in AQD. I will wait and follow with interest the consequences of news coming from future exploration endevours. My faith in the future of AQD is no way diminished by the current actions of the board.