carapateena pfs bfs and mine schedule, page-16

The full year results will be closely scrutinised, esp the bal sheet and cash on hand. When OZL had $750m in the bank, the C capex, along with cash flow during construction, from my modelling, showed that they would just make it. (They may have needed a loan of a few 100 million to tide them over ramp up - but bal sheet wise, that would not have been a problem.) With the $750m now much smaller (the the results will show how small), then I have grave fears of OZL being able to fund C, and so have to do a JV, which then reduces the profits to shareholders.

I sold out because my confidence in management in being able to execute the strategy was shot, and I could see no way that the sp would recover in the next 5 years. Also, I believe that dividends will be stopped for the foreseeable future.

HT1