second email, page-26

We grumble about management, yet management does what shareholders request..

If share holders want a fire sale this is what a fire sale looks like.

If share holders want value adding in OZ it looks like a JV will not cut it just yet.

So it looks like we might need to get offtake and material transfers agreements.

For instance when China and LYC JV deal could not proceed, (on account of overseas ownership rules) with Mt Wells massive deposit of rare earth which the whole world wanted, LYC were in the lurch.

With no tech expertise other than overseas they went to bed with Rhodia, former Rhone Poulenc. Rhodia brought some of their own staff on board. These staff included marketing and product development specialists as well as ingineers to fine tune the very complex refining process.

So management and shareholders will take stock of market forces I reckon.