$630m upgrade to sitarail, page-32

TAW are also fully funded through pre-payments without debt, to be in production Q1 2018 and have US$200M offtake over the first 2 years signed with an option to extend to 5 years... so it's hard to compare them with BGS. TAW is substantially more de-risked not to mention is located in Australia with a mining license already granted. Comparing just the resource at a point in time is really quite pointless. Not trying to ramp TAW or talk down BGS, just stating the facts. BGS and TAW are my two biggest holdings and are both great buys at these levels.