rio will seek to negotiate a joint venture, page-32

Mark,

Yes I had to take a punt and 50/50 was a starting point but I freely admit it is a wild guess.

As far as WHEN earnings will start, well surely the attraction of a JV is that earnings will start sooner than 2 years. 2 years is what we would expect if we built our own plant.

OK so a PE ratio of 4 to 6 is what I will use for further calculations. 10 was a stab in the dark.

In the end, all of this calculation is fun but the Gods on Olympus will make the deals, all our conjecture will mean Jack.

I'm just glad that our particular Zeus stands to gain more than anyone if he negotiates well. I think the trendy term these days is that he is "incentivised".