straight to stage 2, page-4

Market is going to punish this news which is disappointing because it is the correct tactic. 25MTPA has always been the main game, but 4 more years of development is going to be way to long for many.

If BRM can demonstrate a combined <10% impurity Si, Al2O3, as needed, then they will get a lot of interest from partners keen on a long-term 40 year partnership.

Our market has no long-term view ATM, hence any delay or postponement, however logical won't be looked on favourably. Time to put these shares away in the draw for a few years I think. If a 25MTPA project can be delivered in a recovering market in 2012 there will be a lot of BRM retirees out there... but I suspect many will dump their shares and run the the next opportunity, knowing that they can likely return back to BRM in the future at only a small premium to their exit price.