Ann: Filling of HMW Pond 2 Commences, page-6

Pretty good communication, they've said as much as they can without directly responding to Paul Graves' comments (which would look equally unprofessional). But when you look at the map on page 4 you can see why I think it's hardly ideal that Arcadium's leader seems dismissive of Galan's product/strategy - they are far and away the most obvious customer for the product.

I do probably share the sentiment from @invertedva that the wording of the final dot point on "outcomes" seems ambiguous. But Galan's management will be stuck on exactly the same tenterhooks that investors are - by now there's really little they can do except wait. I would have liked to hear them say they were progressing other financing options in tandem with Glencore's offer, but this needed to be said right at the start - if they came out with it now it'd make the market even more nervous. Given how quickly they are progressing construction, you have to hope JP really learned the recent lesson and he hasn't pinned everything on Glencore coming through with the money just in time.