capital raising bad or good, page-19

Equipment optimisation - the localisation study currently under way for our Victoria Coldry project will benefit from refinement of operational data generated by the unit. The design and engineering work for the Victoria Coldry project will run about $15 to $20 million. To ensure the plant is capable of a minimum output of 2 million tonnes a year a design factor (over-sizing) will be incorporated, providing excess capacity. The amount of design factor is determined by a complex and detailed analysis of the entire Coldry process. The more accurate the operational data, the less design factor required. In short, this will help save capital cost, improving the return on investment and providing an even more compelling business case for future projects.