Starting with a current iron ore resource of 633 million tonnes, our strategic objective is to upgrade this to a 1 billion tonne resource by the end of the first quarter of 2013, through further exploration and development of our projects. We aim to establish advanced iron ore and tin resources that have potential for rapid development. This could include acquisitions of projects elsewhere in Africa that will be identified and evaluated. Our criteria for reviewing opportunities will include the scope for the development of relatively large scale resources, with attractive cost curve positioning in well understood geographic locations that meet our investment criteria. Projects will have the potential to add meaningfully to shareholder value.
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