If i read the news release correctly, Xstrata just issued 2 billion more shares at about 33% of the retail value as of Jan 29-2009. They only had just under a billion outstanding shares to begin with. That's insane!!! They need the additional 5.9 billion to buy a coal mine and pay of debts. By no means to I think i'm smarter then Xstrata's BOD, but why raise funds now (with a depressed sp) to pay off debts that probably have a very low interest rate anyway? Why not wait for the market to recover, then raise funds more efficiently because of a higher sp (less dilution)? I can understand raising cash to buy out a mine at a depressed price but to pay off debts blows my mind.

I know this is slightly off topic unless Xstrata has any interest in taking a position in NOT or looking for a complete buyout. By the sounds of it, they probably would have to raise more funds to buy us out. Does this mean they are out of the running? That would surprise me as they would have the most to lose by not going after us. I would think they would make a serious effort to attain the chrome in the ROF just to protect their South African chrome deposite.

Any thoughts or comments are welcome on this issue.

JGo