why dont people read the coy reports, page-11

Ermmm I've just had a 1 minute look at the financials due to the SP tanking..... This has capital raising written all over it... Not to mention aluminium is in the gutter.

Just look at the Bal Sheet and Cash Flow Statement for 31 Dec 2011.... Cash position is almost non existent - its all in the JV (40% AWC).

I don't know what CAPEX requirements AWC have, but it isn't pretty. They could potentially tap debt markets given they have only $490m in debt to a NTA position of around 2.8 billion. Only 53m in debt needs to be refinance in 12 months... They do not have this sort of cash.

Yes its cheaper to buy AWC than rebuild it, however most miners are priced like this.