Offtake coming, page-34

Iron man it takes me a fair while to write this stuff so Ionly really reply to serious comments. Thanks for yours.

Iron man it is usually the case that there is a ceilingprice because that is the benefit to the offtaker. They get a guaranteed priceor price bracket. That ensures them a future supply hedge against the futuresprice. So its important that INR get an offtake going based on the averageprice of a higher cobalt and lithium price. Not right now while the market isso low. And I don’t think they are ready to enter a off take until another 6months. That might be enough time for the prices to rise and give us betterleverage on future prices. That’s the best way but there are different kinds ofofftake conditions anyway. Rather than focusing on just getting an offtake sowe can get a loan I am looking at what kind of offtake wild be better for us.Whether we have a price weighted or throughput or a CFD agreement will alldepend on our managements expertise.

And until we know more about the kind of plant we will buildit’s a to early to say what kind of throughput we could manage. A few thingsneed to be worked on before we are ready to enter an offtake I think.