AGM, page-47

Byron - it's because they got desperate and had to retire some SH faith following chanape. if they are not careful they will fall into the same boat with any new potential JV. any potential major knows that they are weak. they need to change that before they start to negotiate otherwise they will end up giving away another 70% of a project. the other issue is that they have too many projects to focus on therefore they will start to splurge. no drilling results = no SP movement. as such, even with a JV for the Aussie projects, ICG will only have rock chips to offer. they need to create a bidding war between majors to get the best deal. if I was a major and knowing that I'm the only bidder for the JV, I would only be offering a low ball offer. take it or leave it or go bust. food for thought