Major, It would seem from your recent postings on ROY that you are somewhat bitter towards ROY as a shareholder. I too have been a long time shareholder of ROY & realize not all things have gone smoothly for ROY. ROY previous deal with GIR did make sense given the 2 companies really only had one IO project & GIR scrip could in the future be used to raise funds. Anyway regards IO shipping it would seem most likely Panamax ships would be used out of Port Pirie. A Panamax typical cargo is 52,500 tonnes & they have a draft of 12.04m. Port Pirie has a berth draft of 8.2m with 14.2m approaches, but as the presentation says Port Pirie is capable of being dredged to Panamax size ships. Port Bonthyon will be capable of Capsize ships when developed for bulk handling by SA Gov't. Given Port Bonthyon would require a 40Km. rail spurline, I think Port Pirie with space for loading will become the prefered option for shipping ore. This project certainly does require a big brother like most other Australian IO projects. Also given the current funds ROY has(about $2m cash)it would seem highly likely the company will have to do a capital raising in the short term. Whether the market likes the capital raising will depend on how the funding package is presented & whether they also have a big brother at the time of the capital raising. Not doubt some long term shareholders in THX & ROY could be disappointed but I know I am very happy with THX as I topped up under 20 cents. A quick look at the ROY Website makes no mention of this project, so perhaps it is time for an overhaul. No doubt Marcus Fils experience as a Project Director with RIO in the Iron Ore business Development Group is going to come in handy in the near future. The right man for this project. Regards Buffett Buffett
MFE Price at posting:
14.0¢ Sentiment: None Disclosure: Held
