Yes Martin, CREC would certainly drive a "hard bargain"- one that would leave current shareholders with virtually nothing. This has been going on for years and a firm decision was going to be given by last Christmas. They don't sound very enthusiastic to me!
What other "options" do you think they might be "looking at"? There is not a long line of financiers desperate to throw billions at a marginal io project. Funding was always going to be the issue that would prove this to be a pipe dream. IRD doesn't event have enough to buy the farms that the project is on, let alone the billions needed for the mine and rail.
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