Ann: Update on Progress EMG and CMIC Beyondie Joi, page-4

re: Ann: Update on Progress EMG and CMIC Beyo... SuperWealthy, read the ASX/media release from 28/9/09, it's pretty clear:

BINDING AGREEMENT SIGNED FOR 15% SHARE PLACEMENT TO CMIC AND
ESTABLISHEMENT OF A$200M 50:50 JV ON BEYONDIE PROJECT
Emergent Resources Limited (ASX: EMG) is pleased to advise that a Subscription and Option Agreement (Agreement) has been signed in Beijing by EMG and the State Owned Enterprise(SOE), China Metallurgical Investment Co Limited (CMIC) to proceed with the previously announced share and option placement in Emergent and A$200m 50:50 Beyondie Development Joint Venture to achieve the commencement of mining operations with an initial targeted
production of 3Mtpa of magnetite concentrate.
EMG has also been advised by CMIC that to achieve a proposed second stage of the Beyondie Projects annual production output to 8 million tonnes of magnetite concentrate (following the first stage 3 million tonnes per annum production), the Joint Venture will be seeking additional funding over the initial A$200m investment.

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A $200m 50/50 JV, so unless I am mistaken 50% of $200m is $100m.

Further funding is to be sought for Phase 2 to move towards 8mta production.

All of the answers to your questions are in that announcement.

CMIC are wearing half of the financial burden considerably reducing the risk to EMG IMO.

JT