It's always a bit of a "double edged sword" with resources projects. If you hold-off on Capex until prices are higher you often end up missing the boat and only delivering the additional capacity well after the market has peaked. You really want the capacity available to capture the price increase, so unless there is a reasonable expectation that Tin prices will have fallen below breakeven by the time Rentails comes on-line they should go ahead anyway IMO. The Macro picture for Tin looks good in the medium to long term, and Rentails will take a few years to build from where we are, given we are only at DFS. It's the businesses that are able to ramp up quickly when prices start to run that really capture the benefits, having the cash available to invest counter-cyclically is a fantastic position to be in.
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