announcement out, page-20

A CR is always a possibility. The way resources are in the current climate, and the forecast for the future price of IO in particular on the back of the pessimistic China manufacturing outlook, I can see the need to promote PIOP as a low cost venture. If IO prices tank below US$100/tonne, the low cost producers will be the first port of call for those looking for a "safe' resource bet.
Again, I see this as a step to identify FMS as a low cost venture. Once the IO price goes south, I would expect $$ to flow away from high cost producers. If CR is not undertaken then the only other option is a debt facility. Who will banks be more inclined to loan money to? But this is speculation. I still see this as a strategic, long term play by management.