Ann: Conditional approval for up to US$150m from KEXIM, page-20

Good question rae. The significant difference I believe in securing debt through Tier 1 governments - ECA's opposed to the to the other 2 facilities of USD150 million is there would be highly favorable repayment structures put in place - simply because none - ditto are supporting ARU for them to fail and the terms undisclosed and confidential would factor in - just as the Australian Gov have with the USD200 million facility if required for quick ramp to full production - therefore it would be a matter of a sliding scale of payments related to production increases as there will be a sliding scale to which debt they access earliest ie - Australian Govt facility which has the longest time period for payback - remembering the equity will be used earliest and why that component is next most critical announcements going forward.

Perhaps it is one or more of these equity partners keeping a lid on the SP to attain a beneficial outcome for themselves which will be the next large topic of conversation - once equity completed - all details known away we go - remember though equity partners want what's substantially best for them and time will tell how that next important part plays out however I would suggest it is all near complete - ARU's strategy and participants.