Ann: Half Yearly Report and Accounts, page-12

Yes Jake. I certainly agree with that interpretation and would offer this refinement – Cottee is not only talking to the shareholders of our company but he is also talking to Macquarie.

He is basically saying to Macquarrie "Do us a good deal where you put in the capital and then we will be able to cream it for seven years."

Our managing director is too tactful to put public pressure on the other co-owner of Mereenie (the co-owner who has a lot of money) by talking out loud to his shareholders about the fact that he wants a good deal but I'll bet that's what's going on behind the scenes.

Remember, the terms and conditions of our company going forward in joint venture with Macquarrie have not yet been worked out.