I don't know if board approval is required to proceed to stages 2 & 3 however even if it's not there's still management approval required to proceed through the various stage gates/phases. FYI will be working with the project team and in reality, probably has little interaction with the Alcoa senior management team. Senior management will sign off on the funds and if needed seek board approval.
Ann: Investor Presentation - Brisbane Mining Conference, page-101
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