Now the entrepreneurial development stage is finished and the...

Now the entrepreneurial development stage is finished and the business is moving towards a mature operating entity the JV is not the right vechile.

Does one of the JV partners emerge as owner ? The French are the obvious ones to do that. They entered the JV to secure supply for their TIO 2 plant and Nick Limb is a developer.

If Eramet weren't the JV partner then I imagine Nick would be looking to float and flog it.

I don't think he will contemplate collapsing MDL and giving us shares in a floated TIZIR which in my opinion would be the best result for shareholders.