any comments on announcements, page-76

Hi Lenni2001, was interested to read your comments " the ARU business model bears lower risk " my view was the opposite. Obviously recent sp movements of ARU/LYC have indicated this is not so. I liked LYC for following reasons:
-shareholding (some big instos on board);
-All EPA and other approvals obtained; and
-offtake and financing agreements appeared in place;
-the processing of ore more straight forward as there is very little contaminants.

ARU has a great piece of land and its mix of REE is certainly more valuable than LYC. However, a few things made me cautious about ARU:
-the qualified auditors report in the last accounts;
-some contaminants in ore that required unique processing answers (although I am sure these will be worked out);
-no EPA or other approvals in place; and
-the financing (the recent YA agreement) and the low level of cash.

On that basis I left ARU and invested in LYC. As I said in view of the recents sp movements I may be mistaken. I think with the recent popping of the finance bubble ARU may benefit because the market likes projects that are/can be a way off (eg BMN) rather than than those in the midst of cash intensive activities such as LYC.

Can I ask what are the things that for you indicate less risk in ARU business model?