Ann: Annual Report to shareholders, page-28

Either you haven't read and understood the annual report or you are providing a misleading response.

Kindly refer to note 10 on page 57 of the annual report.

The write down of phase one assets is a readjustment to reflect accurate replacement cost. In effect, the hard and expensive lessons learned during construction of phase 1 meant that phase 2 cost $190M less to build. By all means whinge about the expenses associated with learning to build a state of the art rare earth plant but the fact remains the lessons were learned well enough to save the company $190M when they built phase 2.