What you say is all valid given finance is secured and there is...

What you say is all valid given finance is secured and there is no equity raising. I'm more confident of eventual finance for TIVAN of $0.5B than I am of no equity raising. Unfortunately management have lost my ear over the past 12 mths.

For example - $100m in equity at 0.12 is doubling the shares on issue. Is anyone happy to be diluted 50% in raising 10% of the funding required via equity? And that's conservative in my view.

On the Chinese (which is the next hurdle on the register and will likely take finance to mop them up), the director looked reasonably senior to me.

Deputy-Director General of the head-co, General Manager and Chairman of the subsidiaries is more than just an employee.

Second top dog in the decision making process. Ao-Zhong was simply a sub for the purpose of transacting on behalf of ECE.
Chairman - Mr Jianrong XU

Mr Xu is Deputy Director-General of the East China Mineral Exploration and Development Bureau (ECMED).
Mr Xu is the current General Manager of ECE, Deputy Managing Director of Jiangsu Geophysical Society, the Chairman of HK ECE, Hong Kong East China Non-Ferrous International, Mineral Development Co Ltd, Namibia East China Non-ferrous Investments Pty Ltd and other OCMED wholly owned subsidiaries.
Mr Xu is also a director of AIM-listed Company, China Africa Resources Plc.