Ann: Gulf Investor Presentation, page-50

GMC doesn't need a big investor to buy out 40% to guarantee the project because once
the construction of the smelters begin they can apply to export manganese comcentrated
ore and this will provide immediate cash flow to the company and the big profit that this
two smelters will generate will be enough to fund the other 6 smelters and so they wont
need to raise big amounts of of money. Remember the company is tax free in Indonesia
for the next 10 years