FWIW I refer posters to a presentation released to the market by...

FWIW I refer posters to a presentation released to the market by RHI on 26/7/2010 which is very informative.  Within that presentation there is a slide that shows the total ownership structure of the WPIOP.  Although the ownership percentages of some of the players have changed, the broad thrust of the document is still relevant.  It clearly shows that the RHIJV and the Mount Stuart JV are completely separate with their own individual ownership arrangements.  However, together they contribute the total iron ore tonnage for stage 1 of the WPIOP.

The fact is that Cullen will have to provide its equity contribution at 30% for its resource blocks eg Catho Well Deposit.  In contrast RHI (although being ultimately diluted to 20%), will have its equity contribution debt funded by the major partners with repayments made through 80% of revenues.

Here is a link to that presentation on the RHI web site.
http://www.redhilliron.com.au/Announcements_2010.asp

regards
DF