Are the Big 4 doing SDL a favour?, page-10

Matt

I think we are basically screwed IMO.

It is either going to be taken over very cheaply or put on hold. Our Ukrainian Partner now has the upper hand thanks to the directors. I still don't understand how George is still at the helm. I think they have chosen this way as a out for them to cash in their shares they a lot to themselves each year.

It is going to be very difficult for Finance to get up if the outlook remains in the doldrums over the next year or so. The infrastructure provider is going to want a return to take it off their hands completely. No one is going to expend $3.5B with only SDL pumping out 35MTPA. Will depend upon other rmines in the area expressing an interest as well, which is why things keep getting delayed

The presentation the other day of a breakeven price that included debt servicing IMO relates to us owning the Mine IMO.

Our Ukrainian Partner cannot lose and their is nothing we can do abort it now.

Cheers