Ann: Shareholder Update - Local Activity, page-75

No I’m not suggesting a no deal scenario, just that India is moving in the right direction with Modi stamping out corruption, getting people paying tax etc etc and in general making India a better place. In that regard it’s a known quantity which ECT would like to work under with some sense of certainty compared to a change in Government.

You might think it comical but I have several reasons for stating that opinion.

1. I originally invested in this company for its ambition of building a commercial plant in the LaTrobe Valley, so if we achieve that ambition I personally will be very pleased.
2. The near term ability to generate cash flow to help sustain the business is very important on many fronts and that should be the number 1 target of any business, particularly as we wouldn’t be getting substantial returns out of India during the RnD phase I wouldn’t think.
3. A commercial scale Coldry project in the valley could happen before one in India, I think this would be of benefit as with the commissioning of most new plants there are issues. So to be in front of any potential issues and in our own backyard could only help with the commissioning of new plants elsewhere.
4. I think everyone now understands that the India project decision doesn’t rest with ECT, right now it is in the hands NMDC and their Director Finance. Banging on about it in a public or even a private forum isn’t going to make that decision transpire any quicker, so the reality is we need to be patient and get on with things that are in our control. The local activities are just as important to our future imo.