total control, page-48

The other important consideration to bear in mind is that since the 50c offer by Z, the project has been derisked considerably in terms of its resource base, BFS etc, but more importantly, it was made when the AUD was around $1.1, to now being around 90c. China's massive USD exposure has meant that this project, on a like for like basis, is 20% cheaper due nothing more than FX (noting also the additional share dilution)