I queried Tony about the progress of the Cockatoo JV with...

I queried Tony about the progress of the Cockatoo JV with Timeone and got the following reply (and permission to post).

"The agreement has been finalised and an execution copy is with Timeone and SS&T. They are just finalising their own agreement then they can execute the term sheet with us. I know it’s a frustrating wait but the process is a complicated one with multiple parties. They should sign off anytime now. They paid the $2m because we had reached agreement and paid it as a show of good faith."

I also queried whether this would delay their proposed June timeframe for executing the Cockatoo acquisition and the answer was 'No'.

Read into this what you may but I for one am satisfied things are progressing albeit slowly but that this not really something management are able to control.