A further comment on a CEZ off take. Under the terms of the...

A further comment on a CEZ off take. Under the terms of the agreement between CEZ and EMH the 'reserve matters' state that there has to be a unanimous vote by the board on any decision involving 5m Euros or more, @ US$14,000 a ton that is around 425 tons ...... so the board will have to agree on any CEZ offtake and not by a majority vote. Whilst I am very keen to see off take deals done I am also aware that the price of hydroxide has increased by around 60% this year. Rodney Hooper explained that the over stock that occurred a couple of years ago was as little as 15,000 tons, the equivalent of less than a months consumption but the Chinese used this overstock to batter the global price which, as a consequence, has lead to project expansion and new schemes being delayed and this will exacerbate the squeeze which is on its way..... so, if we wait 3 months we might get a better price on the supply contract.