Ann: Supplementary Prospectus, page-48

Yes, and DNK has struggled for years to get debt funding for a fabulous potash project in Eritrea, although Eritrea is obviously a lot more challenging at this time than Tanzania.

I am hopeful that WKT will prevail with Lindi because it's a meat and potatoes operation, the economics are second to none and the demand/supply equation for graphite going forward is extraordinary. In resources people tend to focus too much on demand and not enough on supply (I'm guilty as charged) so it was interesting to hear Andrew's comments about the need for (if I remember correctly) 100 new graphite mines in the next decade, while only 2 are currently under construction. Given how long it takes to get a project from discovery to production (as we are finding out ) there is a fabulous window of opportunity for WKT to benefit from the developing imbalance. It's also worth remembering that using more equity and less debt to fund the project means that the debt can be repaid more quickly and free cash flows can be applied to expansion, other exploration and development opportunities and/or dividends sooner. As Mike said, this offer is 'priced to sell" (I know I'm repeating myself here ), which should generate some competitive tension to get in now while it's cheap.