why cr or jv?, page-2

I expect that is why Howard has been so busy of late. These sort of decisions require significant amount of reserach and analysis.

By taking up a JV you cut your risk and you also get the benefits of the experience of the JV partner.

Gearing up in debt will give you the benefit of 100% of whats in the ground but you have the trade off of being required to adhere to what can be very restrictive covenants.

Without sitting down for a chat with Howard and getting the full ins and outs of what is going on who is to say which approach is better for QMC.