Ann: MOU to Advance Investment and Funding of Won, page-32

re: Ann: MOU to Advance Investment and Fundin... With a cap on dilution at 50%, plus debt, it is a pretty reasonable deal for MAK at this stage. The blow out could have been a lot worse. The big question is how much will we get in debt funding- will it build the rail, the DAP plant or a Phos Acid plant. Each of those will add significant value to the project. The rail alone decreases the opex by $25-35 and drops the ceiling on the production.

I believe the Chinese govt (or their industry counterparts) are involved here and this is a grab for the RP assets to secure supplies. Still it could make Wonarah a huge project. Once the ceiling is removed, quite a lot of RP could be shipped out of Darwin, keeping a lid on World wide prices, which the Chinese would know.