When I spoke to Peter Bird, EGM Investor Relations & Business...

When I spoke to Peter Bird, EGM Investor Relations & Business Development, specifically discuss this matter around 2 weeks ago. He said the deal as written was Nittetsu was to take up 15% with provision to move up to 45%. My words - the announcement in the ASX release is (very) clear. Talking around it, I asked a couple of versions of what that could mean. My paraphrased version of the one he acceded to is RXM is to find a JV partner and Nittetsu is then going to do what's necessary to get the whole thing done (being price and/or %).

Separately he's clear as I expected that is the step(s) before. The for finance, because the banks need to know what they are lending to, then any concentrate sales streaming and further equity from retailers and/or insto's if required. He's not giving me/ us any false hope beyond saying there is clearly going to be a copper shortage. When I opined that RXM will be one step beyond what they have announced they have been at every step before and I could understood them. He essentially said they didn't want to give S/H false hopes ?!!!!.

The only concession he gave me on timing was as I appeared to the first ask would FID be done by end FY and backtracked from there. He finally said he be very disappointed if the JV part wasn't done by end June.

Now you can read that as a glass half empty as many have and will be happy with what I've reported above or like me see the general Cu stocks rising with gold rising even faster (we'll leave Ag out). Now, what a lawyer would say I've written is hearsay, and he would be 100% right.

As far as I'm concerned the tide is rising and the soles of my shoes are getting wet. I'm ready to swim bathers on or not.

I hope you're not sorry you asked.

All IMVHO and aplogise from my English skills.
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