Ann: Boardroom Radio Broadcast - Mr Paul Burton, page-40

Quite possible JM, would be contrary to expectation but they’ve had a lot time to tinker with it (the CAPEX).

IIR’s research report seems to imply that we’re fairly insulated from any major increase...

” We have left other parameters the same, including capex - the continuing input of KfW IPEX-Bank into the FEED study and the ongoing association with SMS should mitigate the chance of significant increases in capex as we have seen on some other projects using this funding route; in addition our modelling indicates that the Project is fairly insensitive to changes in capex as shown in Table 2.”