Ann: Thunderbird Construction 85% Complete, page-12

I've had a recent chat with the management and they seem reasonably comfortable that additional funding won't be required through ramp up based on current spend levels. The $40m cost overrun facility funds have not yet been touched and they seem happy this won't be needed. We just need to be patient and hope the ramp up is relatively smooth and doesn't require any working capital tip ins before they start with positive cashflow. I'd suspect their JV partner (who is doubly keen for the concentrate given they want +ve cashflows from their investment and feedstock for their Chinese plant) would be happy to pre-pay some shipments to overcome any early dips in any event.