That was also my first thought, but I think it means that the...

That was also my first thought, but I think it means that the subsequent expansions won't be cheaper than the initial capex, whereas studies on an expansion program usually indicate the expansions happen at a less capital intensive basis per tonne of additional production. And that the expansions won't be funded out of the cash flow it generates because that would take too long. Just my two cents

That being said, ELM has what it takes to advance the project quickly. 2015 will be a very important year! Too bad I missed last nights dump at .18