Chart, page-29

I wouldn't think that there is a delay in "progressing the finance", I would say we are in the middle of it right now and this is the normal process of negotiating in a rising market. Commit too early when the price is lower and you may leave some money on the table, wait a little longer, the price of copper goes up, our margins go up, the risk goes down and the price of finance may improve. The cost of capital is a function of the perceived risk, as the price of copper goes up the risk to the project diminishes so we should get better rates of interest or have more to bargain with in a joint venture, who knows? This is my uninformed opinion and all this is conjecture.