will never make $1.50, page-49

I wont bore everyone however the debt equity issue is an interesting one, I would suggest for the JV or a single entity, that is setting up as a JV subsid company the in ground value would have to be 1.5-2 billion without inferstructure and processes but clear approavals for mining and without gov risk. Therefore on a site only JV to come to the table the stake a 50/50 JV would come in on would be a billion up front with joint funding requirements.

A key thing here which plays to my thinking, is that the newly appointed head to iron ore for the major share holder has a past history with Zinifex. He was on the board and I think at the end was chairman, but when Zinifex was rebourn, it was in a Alliance with Downer for the Century asset, in that case Downer owned all the capital equiptment and over time a buy back arrangement happened. In that time the company went from float out of bankruptsy through to over a billion dollars in profit from the Alliance at centruy mine, however Downer were only an alliance partner and got very little of the profits from that senario.

Anyways, interesting times ahead.