investor announcement, page-10

The point is this new capex of only A$250m to get into production of 5 Mtpa. You would only need a one for one equity issue at a price of 5 cents, say, with the remaining finance being met by debt. That is a completely new thing surely. It means investors can start to anticipate (in the very distant future?) this stock being able to re-rate from the change of explorer to producer. I think that is quite significant. It also helps to stop any low ball bid from Rio or FMG: they will have to pay a lot more, since we now have a route to production on our own. There is still the problem of a mine to port solution, but all the ideas being bandied about don't require us to supply the capex for that?