Capex & Opex, page-10

Awesome teamwork! Sometimes HC' s all comes together to produce some outstanding analysis and this is one of those times!

I'm not trying to derail the capex / opex discussions but just keen to piggyback with one question. If we are looking for a JV partner to help with funding the project, what kind of company would be on the shortlist of potential suitors?

With our broad product mix, some of these products might be of interest to some JV partners but likely they don't want them all. Do they stump up the funding for the project for an attractive offtake on the product they are interested in and in turn fund the rest? I doubt it... Asking as an unsure on how this would work...

If you invest in a one product company it's pretty easy to work out who the interested parties might be but for a multi product producer, does this limit or increase the number of potential interested parties?

I would have thought that a big diversified miner (likely they would just buy us out than partner with us) might be the most interested / aligned or is it a big diversified conglomereate like a Westfarmers who runs the numbers and realises its too good a proposition to not get involved. Keen to hear others views on what our likely future partner will look like.