knowledge, page-15

I think you boys have finally discovered the obvious solution....a rights issue or something similar, on a non-renouncable basis. The Minorities will be required to pony up their end or be diluted. From my knowledge of the mining business, I epect the capital cost of a plant in Armenia, fully installed and equiped, with mining infrastructure, is likely to be $50m - minorities will need to find $7m.

The inst will have the money but may be precluded by charter because it is an increase in an investment in an illiquid stock. The others may not have the money or be prepared to stump it up.

Real problem is that it will be a question of who blinks first. If you DO put up, and the others don't, they may trigger compulsory (and yes, there are mechanisms) acquisition and the one who HAS, effectively pays over the odds fo the shares.

In any event, TMR get to fund the IBR expansion with a smaller portion of debt, in total, as they will only need to fund their end which they can probably do as they have an OPERATING asset in Chile, which is more than I understand IBR to have. I have yet to see and income being reported for IBR....has anyone else, apart from the headline number re the first pour. Stunning silence since.

Just my thoughts.....