50/50 jv, page-17

In reality irvine island is the project. That is why we bought into Plv and that is what will be the major driver of this stock. Why do i think cockatoo acquisition and mining is great for plv? It due to its direct and indirect benefit to the Irvine project. Some of the benefits would reduce the capex and further increase are connections to the chinese. I am not sure how the SP would react tomorrow but we are now Definitely closer to mining - at cockatoo and irvine. Funding capacity or the ability to attract investment is what determines the viability of companies like plv and fundamentals are an important part of this. So well done to management for delivering to us sharholders a direction with some certainty.