rio will seek to negotiate a joint venture, page-27

Westie, thank you for that, I was operating from memory.

Lucky, better always to be surprised on the upside. Too many people on HC talk things up and then people are sucked into something.

EXT is the real thing, no bull dust with this stock.

The key variables in my calcs are:

*The cost of production per pound
*The Contact price
*The JV split with Rio
*The annual production in millions of pounds
*The number of EXT shares on issue
*The expected price/earnings ratio the market will apply

I have tried to be conservative but realistic about them all and I welcome input from others.