rabbits out of hats, page-30

denial,

if you refer their announcement on the 22/10 it will provide you with more details as to the numbers they have come up with. the $1.45b is their base case.

they have stress tested this to the following levels:
- IO price decrease of 35%
- opex blow out of a further 10%
- varying exchange rates
- factored in additional charges of $10/t
- expected capex of $400m, funding to be advised.

the NPV range from their worst to best case scenarios is $1.18b to $2.43b

with regard to the "No cap-ex for FY09 or FY10", this is mentioned in the announcement on the 22/10. while not explicitely mentioned in the AGM presentation, it is alluded to via their preferred option to "Secure JV or equity partner for project".