A bit of a down day today with the markets. Interesting that Stewart McQuade of Samancor in South Africa would be permitted to address NOT's luncheon, given the state of the ferrochrome industry and the obvious competitive environment they will find themselves in. It's my opinion that there is nothing to be gained by Samancor in taking part in this exhange of information unless Stewart is a freelance consultant looking for business or as an employee of Samancor, he is advancing Samancors interest in the ROF. Either is desireable but the latter means the prospective bidders are coming out of the closet or a partnership is on the verge.

Also important is that we remember that Vale spoke at a past luncheon. Nice to see there is recognition that we have options.