$38 mill for wonarah, page-21

look at EHR

they have 134mil senior debt for project.

their Capital still worth 22mil

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Quote from quarterly report:
"Against a background of some world insecurity of rock phosphate supply due to the Arab Spring
unrest currently prevailing in several producer countries, there is renewed interest by the larger
fertilizer and trading companies in securing long-term supplies via purchasing equity in development
projects. For example, during the Quarter, Japan’s Mitsubishi Corporation has taken a stake in a
Peruvian development deposit for a long-term off-take arrangement. Several approaches have been
made to Minemakers and data has been provided to those companies for review.
NMDC’s exclusivity terminates in mid-February"

-- This sound like a warning to NMDC: "try buy it cheap ? we can sell to someone else !"

Quote from cash flow :

Try buy Wornarah for cheap price ? check out MAK's quarterly report:

- Mak have 14mil cash + 15mil from LLC
- Namibia Project cost 144mil ( 50mil cash + 94mil project debt)
- MAK have to pay half (50mil x 50% = 25mil)

--> we don't have pressure on cash, not reason to sell Wornarah at cheap price.