consolidating nicely, page-25

I was hoping you'd raise that... it simply proves my point that you will certainly have to raise funds ... and it would seem even more than that $93m in order to fund Machinga. It doesn't fund itself.

Maybe you won't be getting it in the end.

The simple logic is that if, say for arguments sake Machinga is worth $200m as a project.

GBE's share is $160m and RSL's share is $40m.

By the time GBE shareholders have had to 'Pay as you Go', their share is diluted to a true value of perhaps on $131m ... not $160m.

Whereas, RSL shareholders have not had to have their shares diluted nor put their hand in their pocket.

So that estimate of $93.75m is for Kanyika... well then add the cost of Machinga and work it out for yourselves.

I've paid for my interest in Machinga and that is it.

Cheers,
Tangrams