The 70 mill includes a lot of one-off, set-up costs, that will...

The 70 mill includes a lot of one-off, set-up costs, that will not be repeated at Pardoo and Wodgina. There is no indication that a new issue is required.

Ridley cash will no doubt be used for other purposes, or their share of Ridley. I think that overseas bit was just a red herring.

Surely Balla Balla will be well down the track, when the market is screaming out for vanadium. It is very capital intensive. Better to do the easy stuff first!