Ann: Corporate Update - Grange Strategic Developments, page-6

Agree.

This latest capex and maintenance announcement for mining/pellet business ($28m) and $10m for 1st stage feasibility / prove up of ore bodies seems all reasonably sound core-business "investments". However why Grange board and management think these have skills to be a joint venture in "high end residential property investment on Victoria" is somewhat delusional IMO. Seems very open ended and not core-business. GRR cash and future earnings would be better in invested in share-buyback program and updated rational and relevant dividend policy (60% - 75% of NPAT) and not holding very large cash reserves (lucky to get 2% p.a return) on what must be approaching $200 million.

I note Ignazio has finally been loaded and now heading out to Port Kembla (BSL). Maybe Ignazio load has mix of chips + pellets and reason for length of stay at Port Latta. Ming De is being loaded and Ellina at Port Latta anchorage.