Bungy that's true but with banks hoarding cash and the credit...

Bungy that's true but with banks hoarding cash and the credit crunch continuing, UMC with it's good project may still not make the cut. With your limited capital would you rather lend to RIO for their expansions? or to UMC to start their first mine?

Not saying it's impossible but it's a major concern now that wasn't there 12 months ago. A year ago if you had a good resource, project funding was guaranteed. Not so right now.

There are certainly players with cash around that would do an equity deal, but probably not on favourable terms because the bargaining power lies with them rather than the likes of UMC.

UMC has another year or so until BFS is complete. I am hoping by then credit will have started flowing again. And maybe UMC have found another deposit in jumbo or east. With prices declining, scale becomes more important.

UMC has the best chance out of the non producers imo but it is still risky in this environment. Unfortunately at this time even good companies that have done nothing wrong can be de-railed.