Ann: Update on El Zorro Joint Venture, page-26

GT, those were minimum expenditure commitments that had to be met by certain dates to increase ownership to 80%. They were not caps.

Secondly, the “negotiate in good faith” paragraph you circled was referring to the remaining 20% that had no buy in commitment attached. This formed the basis of the original purchase agreement.

All of this changed in Feb/Mar this year when the JV arrangement was modified to a contribute/dilute mechanism which is the norm in Chile. This is why the Prospectus page you refer to is out of date and somewhat irrelevant now.