Ann: Alliance Resources to Proceed with Wilcherry Joint Venture,AGS-TYX.AX, page-7

Fully aware of economic theory buddy.. The 120m is absolutely relevant here. If you own a house and you spend money on renovating, is that a sunk cost or would you expect to at least recoup some of the money on sale. Fair enough if their jv partner was a company with capacity to bring the project up to production but they're a two bit penny dreadful with not much money or technical resources. Anyone can see that this is just a quick money grab to maintain salaries at the expense of any value creation by the company.