Ann: GAS PIPELINE EARLY WORKS AGREEMENT EXECUTED WITH APA, page-51

sorry mate my bad, this is what kicked it off, discussion on whether or not it's right that you can just not include a 550m
titanium pigment plant in your capex and put it under a BOOT arrangement "off the balance sheet" and never mention it in company presentations when you state you have a capex of 850m! IMO there should be a disclaimer saying "we are assuming someone will come up with 550m to build the titanium plant for us and just charge us opex so we don't have that debt"

it's very smoke and mirrors and very very misleading!

it would be like TMT saying in the DFS the roasting kiln and half the process plant will be built as a BOOT arrangement and funded by a third party then going around on all our presos saying hey our capex is only $200m! don't worry about the other $400m, someone will just find that for us and charge us opex..