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style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-a name+AD0AIg-OLE+AF8-LINK5+ACIAPgA8-/a+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs- mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal align+AD0-center style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt: auto+ADs-text-align:center'+AD4APA-a name+AD0AIg-OLE+AF8-LINK4+ACIAPgA8-/a+AD4APA-a name+AD0AIg-OLE+AF8-LINK6+ACIAPgA8-/a+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:20.0pt+ADs-color:black+ADs-mso-ansi-language:EN-GB'+AD4-Open Briefing. +ADw-span class+AD0-GramE+AD4-Chairman +ACY-amp+ADsAPA-/span+AD4- CEO Discuss +ADw-span class+AD0-SpellE+AD4-Karara+ADw-/span+AD4- +ACY-amp+ADs- Outlook+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-Record of interview:+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span class+AD0-SpellE+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-corporatefile.com.au+ADw-/span+AD4APA-/b+AD4APA-/span+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-There has been a lot of news recently about projects slowing, stopping and even company failures in the resources sector. How is +ADw-span class+AD0-SpellE+AD4-Gindalbie+ADw-/span+AD4- Metals Limited (ASX Code: GBG) faring at the moment with the development of the +ADw-span class+AD0-SpellE+AD4-Karara+ADw-/span+AD4- Iron Ore Project in +ADw-u1:place u2:st+AD0AIg-on+ACIAPgA8-u1:State u2:st+AD0AIg-on+ACIAPgA8-st1:State w:st+AD0AIg-on+ACIAPgA8-st1:place w:st+AD0AIg-on+ACIAPg-Western Australia+ADw-/u1:State+AD4APA-/u1:place+AD4APA-/st1:place+AD4APA-/st1:State+AD4-?+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-Chairman George Jones+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-There is no doubt there has been a lot more bad news than good news in recent times coming out of the resources sector. One of the major challenges facing companies in this environment is the ability to secure financing, and +ADw-span class+AD0-SpellE+AD4-we+ADw-span class+AD0-GramE+AD4-?ve+ADw-/span+AD4APA-/span+AD4- also seen a number of companies carrying significant amounts of debt receive a lot of negative attention in the market. Fortunately for +ADw-span class+AD0-SpellE+AD4-Gindalbie+ADw-/span+AD4-, we have +ADw-u1:place u2:st+AD0AIg-on+ACIAPgA8-u1:City u2:st+AD0AIg-on+ACIAPgA8-st1:place w:st+AD0AIg-on+ACIAPgA8-st1:City w:st+AD0AIg-on+ACIAPgA8-span class+AD0-SpellE+AD4-AnSteel+ADw-/u1:City+AD4APA-/span+AD4APA-/st1:City+AD4-, +ADw-u1:country-region u2:st+AD0AIg-on+ACIAPgA8-st1:country-region w:st+AD0AIg-on+ACIAPgA8-span class+AD0-SpellE+AD4-China+ADw-/u1:country-region+AD4APA-/u1:place+AD4APA-/span+AD4APA-/st1:country-region+AD4APA-/st1:place+AD4APA-span class+AD0-SpellE+AD4APA-span class+AD0-GramE+AD4-?s+ADw-/span+AD4APA-/span+AD4- biggest iron ore producer and second-biggest steel maker, as our project partner and a supportive big shareholder in +ADw-span class+AD0-SpellE+AD4-Gindalbie+ADw-/span+AD4-. It is through this relationship with +ADw-span class+AD0-SpellE+AD4-AnSteel+ADw-/span+AD4- that we have project debt financing and equity financing solutions in place. It is also this +ADw-span class+AD0-GramE+AD4-relationship ?+ADw-/span+AD4- +ADw-span class+AD0-GramE+AD4-which+ADw-/span+AD4- encompasses all the key elements of product off-take, financing support and project development ? +ADw-span class+AD0-GramE+AD4-that+ADw-/span+AD4- differentiates +ADw-span class+AD0-SpellE+AD4-Gindalbie+ADw-/span+AD4- in the current market environment.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span class+AD0-SpellE+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-corporatefile.com.au+ADw-/span+AD4APA-/b+AD4APA-/span+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-As you mentioned, +ADw-span class+AD0-SpellE+AD4-Gindalbie+ADw-/span+AD4- has secured from +ADw-span class+AD0-SpellE+AD4-AnSteel+ADw-/span+AD4- +ADw-span class+AD0-GramE+AD4-A+ACQAPA-/span+AD4-162 million in financing toward the final payment of its equity share in +ADw-span class+AD0-SpellE+AD4-Karara+ADw-/span+AD4-. +ADw-span class+AD0-SpellE+AD4-Gindalbie+ADw-span class+AD0-GramE+AD4-?s+ADw-/span+AD4APA-/span+AD4- individual cash position following the capital raising will be approximately A+ACQ-40 million with no debt. In the current economic environment, is this a prudent use of the +ADw-span class+AD0-SpellE+AD4-company+ADw-span class+AD0-GramE+AD4-?s+ADw-/span+AD4APA-/span+AD4- balance sheet? Where do you see the opportunities to build value for shareholders?+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:10.0pt+ADs-color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:10.0pt+ADs-color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-Chairman George Jones+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-The Board believes that having a solid cash position and no debt in the current corporate environment is extremely prudent. As I mentioned, there have been numerous examples in recent times, both within the resource sector and elsewhere, where high corporate debt levels have caused considerable pain for companies and their shareholders. This is not the sort of risk profile that +ADw-span class+AD0-SpellE+AD4-Gindalbie+ADw-/span+AD4- is prepared to carry. For that reason I strongly urge all shareholders to vote in support of the placement to +ADw-span class+AD0-SpellE+AD4-AnSteel+ADw-/span+AD4- at the shareholder meeting that is likely to be in late January.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-As well as +ADw-span class+AD0-SpellE+AD4-Gindalbie+ADw-span class+AD0-GramE+AD4-?s+ADw-/span+AD4APA-/span+AD4- own cash reserves, the joint venture company, +ADw-span class+AD0-SpellE+AD4-Karara+ADw-/span+AD4- Mining Limited (KML), will have approximately +ACQ-450 million in cash following the final equity contributions. We see building +ADw-span class+AD0-SpellE+AD4-Karara+ADw-/span+AD4- as quickly and as efficiently as possible as being the best way to generate value for our shareholders. Getting +ADw-span class+AD0-SpellE+AD4-Karara+ADw-/span+AD4- into production should be, and is, our number one priority.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span class+AD0-SpellE+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-corporatefile.com.au+ADw-/span+AD4APA-/b+AD4APA-/span+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-In exchange for this funding commitment, +ADw-span class+AD0-SpellE+AD4-AnSteel+ADw-span class+AD0-GramE+AD4-?s+ADw-/span+AD4APA-/span+AD4- equity stake in GBG has lifted to 36+ACU-. Do you believe this transaction limits +ADw-span class+AD0-SpellE+AD4-GBG+ADw-span class+AD0-GramE+AD4-?s+ADw-/span+AD4APA-/span+AD4- investor appeal?+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4-+ADw-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-Chairman George Jones+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-Having +ADw-span class+AD0-SpellE+AD4-AnSteel+ADw-/span+AD4- as both a major shareholder and a direct partner in +ADw-span class+AD0-SpellE+AD4-Karara+ADw-/span+AD4- means they are fully aligned with the interests of all +ADw-span class+AD0-SpellE+AD4-Gindalbie+ADw-/span+AD4- shareholders. This relationship has been further strengthened by the placement, which clearly demonstrates that +ADw-span class+AD0-SpellE+AD4-AnSteel+ADw-/span+AD4- is seriously committed to developing both the project and the Company. Following this transaction +ADw-span class+AD0-SpellE+AD4-AnSteel+ADw-/span+AD4- will have invested close to +ACQ-600 million in +ADw-span class+AD0-SpellE+AD4-Gindalbie+ADw-/span+AD4- and the Project. +ADw-span class+AD0-SpellE+AD4-AnSteel+ADw-/span+AD4- recognises +ADw-span class+AD0-SpellE+AD4-Gindalbie?s+ADw-/span+AD4- strength in identifying and developing projects and has made it clear they want to help us develop into a major resources group focused on the carbon steel materials sector. Having a single big shareholder does not preclude a company growing into a major business and generating significant returns for shareholders. Prime examples in the Australian market are Leighton Holdings, which has +ADw-span class+AD0-SpellE+AD4-Hochtief+ADw-/span+AD4- as a 55+ACU- shareholder and Woodside Petroleum, which is 35+ACU- owned by Royal Dutch Shell.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span class+AD0-SpellE+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-corporatefile.com.au+ADw-/span+AD4APA-/b+AD4APA-/span+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-Can you update us on the timetable and status of securing environmental approvals over the +ADw-span class+AD0-SpellE+AD4-Karara+ADw-/span+AD4- project? Why is it taking so long? What milestones remain ahead of first production in Q4 2009?+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-Managing Director Garret Dixon+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-We have only recently received some very encouraging updates from the WA Environmental Protection Authority indicating that the end of the process is in sight. The EPA has taken an approach to consider the cumulative impact of both hematite and magnetite mining in the area. This has meant the approvals timing of both projects has come together. Hopefully we will have more news on this in early 2009 but, needless to say, we remain extremely confident of our ability to secure all the necessary Government approvals required for us to be on site in the first half of 2009. This keeps us on track for first hematite production in the second half of 2009 and magnetite production in late 2010.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:10.0pt+ADs-color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-It is worth remembering that the previous State Government formally said it +ADw-span class+AD0-GramE+AD4-was ?+ADw-/span+AD4-pre-disposed? +ADw-span class+AD0-GramE+AD4-to+ADw-/span+AD4- approve the development of +ADw-span class+AD0-SpellE+AD4-Karara+ADw-/span+AD4- and the new administration has shown similar, if not more, enthusiasm for this project to go ahead. Gaining approvals does take a long time and the new WA State Government is very mindful of this and is doing what it can to try to streamline the process.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span class+AD0-SpellE+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-corporatefile.com.au+ADw-/span+AD4APA-/b+AD4APA-/span+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-In a recent address, Reserve Bank of +ADw-u1:country-region u2:st+AD0AIg-on+ACIAPgA8-st1:country-region w:st+AD0AIg-on+ACIAPg-Australia+ADw-/u1:country-region+AD4APA-/st1:country-region+AD4- Governor Glenn Stevens said +ACY-quot+ADsAPA-u1:place u2:st+AD0AIg-on+ACIAPgA8-u1:country-region u2:st+AD0AIg-on+ACIAPgA8-st1:country-region w:st+AD0AIg-on+ACIAPgA8-st1:place w:st+AD0AIg-on+ACIAPg-China+ADw-/u1:country-region+AD4APA-/u1:place+AD4APA-/st1:place+AD4APA-/st1:country-region+AD4-'s economy has slowed much more quickly than anyone had forecast+ACY-quot+ADs-. There have also been demands from Chinese steel mills to their suppliers to reduce shipments of iron ore in the near-term. Does the health of +ADw-u1:place u2:st+AD0AIg-on+ACIAPgA8-u1:country-region u2:st+AD0AIg-on+ACIAPgA8-st1:country-region w:st+AD0AIg-on+ACIAPgA8-st1:place w:st+AD0AIg-on+ACIAPgA8-span class+AD0-SpellE+AD4-China+ADw-/u1:country-region+AD4APA-/u1:place+AD4APA-/span+AD4APA-/st1:place+AD4APA-/st1:country-region+AD4APA-span class+AD0-SpellE+AD4APA-span class+AD0-GramE+AD4-?s+ADw-/span+AD4APA-/span+AD4- domestic economy and their demand for raw materials have any impact on the +ADw-span class+AD0-SpellE+AD4-Gindalbie-AnSteel+ADw-/span+AD4- alliance and the +ADw-span class+AD0-SpellE+AD4-JV?s+ADw-/span+AD4- projected output from +ADw-span class+AD0-SpellE+AD4-Karara+ADw-/span+AD4-?+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-Chairman George Jones+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-What we have witness in recent months has been a severe downturn and correction in the commodities market. But what we have also seen along with the downturn in steel demand has been the big iron ore producers reacting positively and very sensibly in moving to cut production. This rapid reaction will help bring stability to the supply-demand equation much quicker than has been witnessed in other downturns. In the longer term we see the growth in +ADw-u1:place u2:st+AD0AIg-on+ACIAPgA8-u1:country-region u2:st+AD0AIg-on+ACIAPgA8-st1:country-region w:st+AD0AIg-on+ACIAPgA8-st1:place w:st+AD0AIg-on+ACIAPg-China+ADw-/u1:country-region+AD4APA-/u1:place+AD4APA-/st1:place+AD4APA-/st1:country-region+AD4- as continuing to underpin strong commodities demand. China is limited in the amount of quality domestic iron ore production and this is one reason why you are seeing major new steel mills being built near coastal ports to take imported ore feed. +ADw-span class+AD0-SpellE+AD4-AnSteel+ADw-span class+AD0-GramE+AD4-?s+ADw-/span+AD4APA-/span+AD4- new +ADw-span class+AD0-SpellE+AD4-Bayuquan+ADw-/span+AD4- Steel Mill is a case in point. +ADw-span class+AD0-SpellE+AD4-Bayuquan+ADw-/span+AD4- has been built at +ADw-u1:place u2:st+AD0AIg-on+ACIAPgA8-u1:PlaceName u2:st+AD0AIg-on+ACIAPgA8-st1:place w:st+AD0AIg-on+ACIAPgA8-st1:PlaceName w:st+AD0AIg-on+ACIAPgA8-span class+AD0-SpellE+AD4-Yingkou+ADw-/u1:PlaceName+AD4APA-/span+AD4APA-/st1:PlaceName+AD4- +ADw-u1:PlaceType u2:st+AD0AIg-on+ACIAPgA8-st1:PlaceType w:st+AD0AIg-on+ACIAPg-Port+ADw-/u1:PlaceType+AD4APA-/u1:place+AD4APA-/st1:PlaceType+AD4APA-/st1:place+AD4- because +ADw-span class+AD0-SpellE+AD4-AnSteel+ADw-/span+AD4- does not have sufficient internal ore supplies, and +ADw-span class+AD0-SpellE+AD4-Karara+ADw-/span+AD4- has been earmarked as its major feed source. +ADw-span class+AD0-SpellE+AD4-Bayuquan+ADw-/span+AD4- is +ADw-span class+AD0-SpellE+AD4-AnSteel+ADw-span class+AD0-GramE+AD4-?s+ADw-/span+AD4APA-/span+AD4- newest and most efficient steel mill+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span class+AD0-GramE+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-and+ADw-/span+AD4APA-/span+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4- they are keen to expand it ? +ADw-span class+AD0-GramE+AD4-something+ADw-/span+AD4- that can only be achieved with expanded +ADw-span class+AD0-SpellE+AD4-Karara+ADw-/span+AD4- output.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span class+AD0-SpellE+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-corporatefile.com.au+ADw-/span+AD4APA-/b+AD4APA-/span+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-In a weaker Chinese economy, is there any risk to the final +ADw-span class+AD0-GramE+AD4-A+ACQAPA-/span+AD4-1.25 billion project debt financing being sought by the +ADw-span class+AD0-SpellE+AD4-Karara+ADw-/span+AD4- JV partners from the China Development Bank? Are you confident they can underwrite the full amount required to fund development of the +ADw-span class+AD0-SpellE+AD4-Karara+ADw-/span+AD4- project?+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-Chairman George Jones+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-We are very confident that, together with +ADw-span class+AD0-SpellE+AD4-AnSteel+ADw-/span+AD4-, KML will be able to lock in the project funding in the first half of next year. The China Development Bank has completed its due diligence and is now looking at syndication and progressing discussions to resolve key terms and conditions for the debt funding.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-The requirement for +ADw-span class+AD0-SpellE+AD4-AnSteel+ADw-/span+AD4- to arrange and stand behind the project debt remains a key part of the Joint Venture agreement. Early next year, KML will have cash reserves of approximately +ACQ-450 million so we +ADw-span class+AD0-SpellE+AD4-don+ADw-span class+AD0-GramE+AD4-?t+ADw-/span+AD4APA-/span+AD4- see the need to draw down on the project debt for at least another 12 months and possibly longer.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:10.0pt+ADs-color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:10.0pt+ADs-color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span class+AD0-SpellE+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-corporatefile.com.au+ADw-/span+AD4APA-/b+AD4APA-/span+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-With the Australian dollar falling more than 30+ACU- against the US dollar since July this year, are you considering the possibility of hedging part of your hematite and/or magnetite production? What are the risks of sustained low iron ore prices and a low Australian dollar to the project economics of +ADw-span class+AD0-SpellE+AD4-Karara+ADw-/span+AD4-?+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-Chairman George Jones+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-Our Bankable Feasibility Study on +ADw-span class+AD0-SpellE+AD4-Karara+ADw-/span+AD4- was conducted at 2007 iron ore +ADw-span class+AD0-GramE+AD4-prices ?+ADw-/span+AD4- +ADw-span class+AD0-GramE+AD4-which+ADw-/span+AD4- are a similar level to where a lot of forecasters see the long term iron ore price. At those prices our project is extremely economically robust. You have to remember that there was an 85+ACU- price increase from 2007 to 2008. The other important issue that impacts the project is the exchange rate and our BFS was conducted assuming an exchange rate of US75c. Lower exchange rates are positive for Australian exporters and any exchange rate below that level would help cushion the affect of lower iron ore prices. The Board is currently considering all options regarding hedging. Our project loan, however, will be denominated in US dollars+ADs- so that when we sell iron ore (also in US dollars) there will be a natural hedge.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4-+ADw-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span class+AD0-SpellE+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-corporatefile.com.au+ADw-/span+AD4APA-/b+AD4APA-/span+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-The WA Government has indicated it will take a role in developing the +ADw-u1:place u2:st+AD0AIg-on+ACIAPgA8-u1:PlaceName u2:st+AD0AIg-on+ACIAPgA8-st1:place w:st+AD0AIg-on+ACIAPgA8-st1:PlaceName w:st+AD0AIg-on+ACIAPg-Oakajee+ADw-/u1:PlaceName+AD4APA-/st1:PlaceName+AD4- +ADw-u1:PlaceType u2:st+AD0AIg-on+ACIAPgA8-st1:PlaceType w:st+AD0AIg-on+ACIAPg-Port+ADw-/u1:PlaceType+AD4APA-/u1:place+AD4APA-/st1:PlaceType+AD4APA-/st1:place+AD4- near +ADw-span class+AD0-SpellE+AD4-Geraldton+ADw-/span+AD4- and will draw on State funding to finance part of the common-user infrastructure. How important is this project in establishing +ADw-span class+AD0-SpellE+AD4-Gindalbie+ADw-/span+AD4- as a Mid-West-+ADw-span class+AD0-GramE+AD4-based ?+ADw-/span+AD4-world-class? +ADw-span class+AD0-GramE+AD4-iron+ADw-/span+AD4- ore producer?+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-Chairman George Jones+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-The WA State Government is taking a proactive approach to +ADw-u1:place u2:st+AD0AIg-on+ACIAPgA8-u1:PlaceName u2:st+AD0AIg-on+ACIAPgA8-st1:place w:st+AD0AIg-on+ACIAPgA8-st1:PlaceName w:st+AD0AIg-on+ACIAPg-Oakajee+ADw-/u1:PlaceName+AD4APA-/st1:PlaceName+AD4- +ADw-u1:PlaceType u2:st+AD0AIg-on+ACIAPgA8-st1:PlaceType w:st+AD0AIg-on+ACIAPg-Port+ADw-/u1:PlaceType+AD4APA-/u1:place+AD4APA-/st1:PlaceType+AD4APA-/st1:place+AD4- and we support that move. Oakajee is an essential piece of infrastructure that will help open up the Mid West region and provide export opportunities for decades to come. +ADw-span class+AD0-SpellE+AD4-Gindalbie+ADw-/span+AD4- is very supportive of Oakajee and its development timetable fits well with our future expansion plans. To that end, we are prepared to commit up to 15Mtpa of throughput for Oakajee, which would be enough to underwrite half an initial berth development. What is important for investors to remember is that +ADw-span class+AD0-SpellE+AD4-Gindalbie+ADw-/span+AD4- is not reliant on Oakajee, as we have plans in place to ship up to 14Mtpa through +ADw-u1:place u2:st+AD0AIg-on+ACIAPgA8-u1:PlaceName u2:st+AD0AIg-on+ACIAPgA8-st1:place w:st+AD0AIg-on+ACIAPgA8-st1:PlaceName w:st+AD0AIg-on+ACIAPgA8-span class+AD0-SpellE+AD4-Geraldton+ADw-/u1:PlaceName+AD4APA-/span+AD4APA-/st1:PlaceName+AD4- +ADw-u1:PlaceType u2:st+AD0AIg-on+ACIAPgA8-st1:PlaceType w:st+AD0AIg-on+ACIAPg-Port+ADw-/u1:PlaceType+AD4APA-/u1:place+AD4APA-/st1:PlaceType+AD4APA-/st1:place+AD4- and will be a long term user of that facility.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span class+AD0-SpellE+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-corporatefile.com.au+ADw-/span+AD4APA-/b+AD4APA-/span+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-As global demand for iron ore slows and expansion plans are delayed amongst the major producers, what do you see as the future for iron ore juniors like +ADw-span class+AD0-SpellE+AD4-Gindalbie+ADw-/span+AD4-? +ADw-/span+AD4APA-span style+AD0-'color:black'+AD4-Have +ADw-span class+AD0-SpellE+AD4-you+ADw-/span+AD4- all ?+ADw-span class+AD0-SpellE+AD4-missed+ADw-/span+AD4- the cycle??+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span style+AD0-'color:black'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span style+AD0-'color:black'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-Chairman George Jones+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-To paraphrase Mark Twain, reports of the death of the entire junior iron ore sector are greatly exaggerated. While there is some pain being experienced in the iron ore sector at the moment, we see it as a healthy correction that will eventually be seen as a good thing for the industry. As I mentioned earlier, the fundamentals that will drive iron ore demand long term are still sound and the +ADw-span class+AD0-SpellE+AD4-world?s+ADw-/span+AD4- major steel mills are still keen to see the development of alternative sources of supply to complement supplies from the big three producers.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:10.0pt+ADs-color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-What we will see is a flight to quality. +ADw-span class+AD0-SpellE+AD4-Karara+ADw-/span+AD4- will produce a magnetite concentrate grading 68.2+ACU- Fe and with extremely low impurities that is ideally suited to +ADw-span class+AD0-SpellE+AD4-AnSteel+ADw-span class+AD0-GramE+AD4-?s+ADw-/span+AD4APA-/span+AD4- +ADw-span class+AD0-SpellE+AD4-Bayuquan+ADw-/span+AD4- Steel Mill. It is also a long term, and very cost effective, supply source for them given they own 50+ACU- of the project directly and will benefit from its profitability. What the current market does mean is that only a few projects and a few companies will blossom, and +ADw-span class+AD0-SpellE+AD4-Gindalbie+ADw-/span+AD4- will be one of those few.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span class+AD0-SpellE+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-corporatefile.com.au+ADw-/span+AD4APA-/b+AD4APA-/span+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-How is GBG different from its sector peers?+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-Chairman George Jones+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-What we will see is a focus back on fundamentals such as resource, partner, off-take, financing and infrastructure. We have a world-class resource, a fully committed project and off-take partner which +ADw-span class+AD0-GramE+AD4-is+ADw-/span+AD4- a major steel maker, not a commodities trader, and we have financing and infrastructure solutions in place.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-As we make even more progress through 2009, highlighting these fundamentals will be where +ADw-span class+AD0-SpellE+AD4-Gindalbie+ADw-/span+AD4- can clearly differentiate itself from the other 60-80 iron ore development companies that have emerged over the past few years.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span class+AD0-SpellE+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-corporatefile.com.au+ADw-/span+AD4APA-/b+AD4APA-/span+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span class+AD0-GramE+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-Thank you George +ACY-amp+ADs- Garret.+ADw-/span+AD4APA-/span+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs- mso-ansi-language:EN-GB'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-For further information on +ADw-span class+AD0-SpellE+AD4-Gindalbie+ADw-/span+AD4- Metals Limited visit+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span class+AD0-SpellE+AD4APA-span lang+AD0-EN-GB style+AD0-'color:blue+ADs-mso-ansi-language:EN-GB'+AD4-www.gindalbie.com.au+ADw-/span+AD4APA-/span+AD4APA-span lang+AD0-EN-GB style+AD0-'color:blue+ADs-mso-ansi-language:EN-GB'+AD4- +ADw-/span+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-or call Garret Dixon or Michael Weir on 8 9480+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-8700.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-To read other Open Briefings, or to receive future Open Briefings by email,+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span class+AD0-GramE+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-please+ADw-/span+AD4APA-/span+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4- visit +ADw-/span+AD4APA-span class+AD0-SpellE+AD4APA-span lang+AD0-EN-GB style+AD0-'color:blue+ADs-mso-ansi-language:EN-GB'+AD4-www.corporatefile.com.au+ADw-/span+AD4APA-/span+AD4APA-span lang+AD0-EN-GB style+AD0-'color:black+ADs-mso-ansi-language:EN-GB'+AD4-.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:7.0pt+ADs-font-family:Georgia+ADs-color:black+ADs-mso-ansi-language: EN-GB'+AD4-DISCLAIMER: +ADw-/span+AD4APA-/b+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:7.0pt+ADs- font-family:Georgia+ADs-color:black+ADs-mso-ansi-language:EN-GB'+AD4-Corporate File Pty Ltd has taken reasonable care in publishing the information contained in this Open+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:7.0pt+ADs-font-family:Georgia+ADs-color:black+ADs-mso-ansi-language: EN-GB'+AD4-Briefing+ADw-span class+AD0-GramE+AD4-?.+ADw-/span+AD4- It is information given in a summary form and does not purport to be complete. +ADw-/span+AD4APA-span style+AD0-'font-size:7.0pt+ADs- font-family:Georgia+ADs-color:black'+AD4-The information +ADw-span class+AD0-SpellE+AD4-contained+ADw-/span+AD4- +ADw-span class+AD0-SpellE+AD4-is+ADw-/span+AD4- not+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span class+AD0-GramE+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:7.0pt+ADs-font-family:Georgia+ADs- color:black+ADs-mso-ansi-language:EN-GB'+AD4-intended+ADw-/span+AD4APA-/span+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:7.0pt+ADs-font-family:Georgia+ADs-color:black+ADs-mso-ansi-language:EN-GB'+AD4- to be used as the basis for making any investment decision and you are solely responsible for any use you choose+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span class+AD0-GramE+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:7.0pt+ADs-font-family:Georgia+ADs- 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