Ann: Conditional approval for up to US$150m from KEXIM, page-32

Hi razzle. Yes Lynas building an 800 million dollar "refinery" in Kal to appease Malaysia - terrible additional expense to remove radioactive content funded by cash they had. It is not a separation plant that remains in Malaysia.

ARU had a monumental shift away from China - ECE that has seen them deliver in quick time nearly all the debt facility with 4 Tier 1 governments. In doing so they have limited the equity component which reality is they would never have achieved. In reduced equity component that in turn has limited how much dilution and literally being screwed by numerous equity partners. Significantly to shareholders benefits long term but they will still hold a strong hand with equity negotiations. Then it all passes and we move on to construction etc - there was no alternative and kudos to management and all parties involved to progress these debt facilities. If Aus gov in discussions with ARU did not show substantial support they did more recently then we would still be a long ways back and highly risked.