an out, page-33

Moseley, it terms of your question..."What would be the advantage to AGS to give away 40% of their 25% stake if Heathgate are still involved?"

Well AGS is telling us that the advantage of the deal is to to fund a standalone plant.(and rather obliquely therefore, reduce the likelyhood of a future capital raising from shareholders in order to fund it)

If one believes the numbers in the optimisation study commissioned by ACE then it seems that there will be advantages to ALL PARTIES involved in the project via the lower operating costs of using a standalone plant.

As outlined in various presentations...""Payback time (undiscounted) for the additional $112M cost of the 5Mlbpa standalone plant based on difference in operating costs ($17.27 per lb) is ~16 months""