General Discussion AGY, page-538

Sentiment, carbonate spot price, world economics, time from production, no real supply v demand issues and lengthy qualification periods for each potential partner before negotiations. These were all things going against AGY management when securing a suitable OT partner. This put AGY and any start up for that matter in a weak position which meant we had unfavorable terms for the agreement which AGY dismissed which was the right thing to do. Going to market was quicker and more secure as AGY has the control now. Hey, they could have gone to market sooner but all options had to be explored, the more data you have the better decision you can make.

things will be very different next time round. You will see.