A Message to XinXing? " The intent is to form an independent management team with the appropriate skills sets and experience related to the go forward requirements (construction/operation) of the Roche Bay Project"
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Translation: We have no idea how to build an iron ore mine. We're just stock promoters, what do you expect? Potential partners want a CEO who's built or run an iron ore mine. We'll try to hire somebody.
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"The Company awaits final direction from its partner XDIP as to how its potential interest in Savik is to be structured."
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Translation: We are at our wits end trying to get XDIP to sign the Roche Bay JV agreement. 2.5 years and no progress. Now we'll spin the assets out--maybe this spurs XinXing to do something, or gets another steelmaker's attention.
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" Company has focused on the mutual benefits that can be derived with a strategic partner willing to establish advanced processing facilities located at sites with access to low cost energy, year-round ice-free shipping and within short haul shipping from Roche Bay."
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Translation: Warning to XinXing: If you don't sign some kind of agreement, pronto, we're going to sell our iron ore to pellets plants in North America within short haul shipping distance. We don't necessarily need you.