Ann: Sandpiper Feasibility Inclusion of Economic , page-4

re: Ann: MAK: Sandpiper Feasibility Inclusion... Hi nobull. I'd differ with you slightly on that. The evidence suggests that in our hands the project is a goer - we've put together the expertise and we are attracting the monied interests. The challenge though is for both companies to try and maximise the potential return for long term shareholders - we don't want just the lower level of returns that final stage capital is happy with.

Re capex, I note that AD in his brr presentation last night stated that they were confident of a number of ways the JV could pull back the capex. Typically it appears the engineers have probably over engineered, the plus side of that is that even with worst case expenditure it is economically robust.

The other avenue is on debt side of things. In my calcs i assume 50% debt but if they can get that to 60% it will help.

Finally a market bubble in fertilisers in the next 3-6 months would be bery handy!