Ann: 2017 Annual General Meeting Presentation, page-16

I was there, and just to clarify this point, my understanding is that MD did not say they were 'fully funded for the mine and refinery though SQM'. What he did say was that with the $30 million cash payment to KDR and the $80 million capital investment, if KDR kicks in that same $30 million, then SQM must meet that with an extra $30 million, which means a total of $140 million US available for the mine and refinery feasibility study. My understanding is that this will not cover the refinery, only the feasibility study for the refinery. Let's face it, a lithium carbonate and hydroxide refinery is going to be far more capital intensive than a spodumene mine. I assume this funding will fully cover the mine. He also said that as further funds were spent by SQM in the future, KDR may have to meet these (presumably to earn the 50% interest in the refinery), so there are clauses in the JV agreement that ensure shareholders will not be subject to dilution. I assume that means future debt raising rather than equity raising.