I'm totally confused, page-3

The equity partner the IBG seeks is already in the mix. Those of us with long memories will remember that Glencore was a partner (50/50 I think) with Andrew Forrest when he kicked off Anaconda Nickel all those years ago. They provided the finance and he provided the drive. They eventually had an acrimonius split and he left to found FMG one of the great success stories in modern Australian corporate history. Glencore are one of the biggest if not the biggest base metal traders in the world and have already entered into an offtake agreement with IBG. What percentage they would take and what they would pay for that stake is beyond my pay grade but they would appear to be a natural fit. Of course IBG could also court Andrew Forrest as he always has an eye out to expand beyond iron ore, and zinc does fit in with his newly found green credentials.