Ann: Strategic EPC Cooperation Agreement, page-349

mick,

i think we will be getting finance for the plant.... but, should that fall through i would be happy for a CR to pay for another plant.... the quicker we move ahead the better for early/first mover advantage....we need money to invest and make more money..... it has enormous potential for growth.... once we have 400kt up and running efficiently this should be able to pay for ramp up on its own thereafter...

i would rather dilution (providing not too crazy) over royalty.... once we're up and making money you can always do a capital buyback.... even just with the funds that would have been used for a royalty had that been done otherwise.