Without a blue chip partner, FYI would just have been a trade, with everybody trying to time their exit to maximise things.
It would hv taken another 10 to 15 years of hard slog to go it alone...With Alcoa, we can get there in 2 to 3 with perhaps
no more equity dilution.
There is no-way that the likes of Alcoa would hv accepted anything but significant a majority interest in the JV.
cheers
