Ann: GAS PIPELINE EARLY WORKS AGREEMENT EXECUTED WITH APA, page-33

You miss the point...Chinese feedstock ilmenite is sub-par in terms of titanium content and impurities therefore Chinese pigment is sub-par and Europe and US pigments trade at a significant premium.

Coming back to financing - if there two groups competing with a financier for their $, who do you think the financier backs?

The guys that cost a bit more to get going but have a superior environmental standard in their process, a diversified revenue stream, lowest cost production and highest quality product or the blokes that cost a bit less but are selling inferior products.

Your titanium might be an opex deduction on a spreadsheet but it won't matter in financing DD.