Ann: Silica Project Update , page-31

The way I read the announcement is as follows.
Firstly it has a multi dimensional audience;

a) To the shareholders it is saying,
We do not know what the govt and Wacker are up to but we have many options. Please be patient with us as we want to extract the best deal possible with Wacker if they want an exclusive deal on the Silica. We have many options and we are beginning to create many buyers so we are not reliant on one.
Ideally with part an offtake element so we can get quick cash flow. We are the biggest silica suppliers and we are masters of our destiny.

b) To Wacker,
If you want exclusivety you need to move fast and on better terms than those offered. If you cannot get your required subsidy from the Govt it is your problem. We are not reducing the indicated deal to make up. Very soon we will be talking to you on a non exclusivity basis as the project must proceed. This is the highest grade stuff probably on the planet with the best infrastructure to support it. Take it or leave it .

c) To The Govt.
Ideally we would like to be the catalyst and may be part owner of a silica smelter in Tasmania. We cannot however not sell our silica overseas in the meantime while we wait for you guys to get your act together with the proposed smelter co's. Please give them full support and let them show their hand. We will do all the background work as patriotic Tasmanians but we have to make a buck. If you cannot agree with Wacker we also have some one else. Please come to the party otherwise we will ship it in its raw form overseas and all the value adding and job genaration opportunities will be lost. We know this is pre election but it is also decision time so agree, if you can with Wacker.

cheers