Ann: Hazelwood signs trade finance terms sheet , page-10

re: Ann: Hazelwood signs trade finance terms ... Well, if you have a look at Hazelwood's website and click at ATC Ferrotungsten, you'll find a text stating "ATC's ferrotungsten project will be the largest, most advanced ferrotungsten furnace outside of China. Construction commenced in May 2010 and the project is scheduled for commissioning during the March quarter of 2011." Obviously they have a strong tendency to under estimate potential problems and be overly optimistic regarding timing. This doesn't relate to the commissioning schedule only.

What blao says indicates to me that my concerns could transform into reality sooner rather than later. Obviously availability of cost efficient electricity is one of the most critical aspects of operating an arc furnace. Should electricity turn out to be a permanent problem ATC might be forced to install their own generators like a natural gas turbine or diesel generators which would add to costs and further delay the project by several weeks if not months. Honestly, if Hazelwood achieved production start before the end of the year we should deem ourselves lucky. I'd breathe a sigh of relief, that's for sure.