Cobalt, page-5

Both your last two are right, depending on how it all pans out, especially given the still falling prices, though as we all know they are cyclic. The other one I often mention really makes me nervous: how are the Bots DOM going to handle the reissue of the three permits....will they be strong and confirm straight back to BML....always a bit of a worry with JV's, isn't it, especially in an offshore jurisdiction. Nonetheless am sure they will play straight, esp after the recent Mt Burgess experience.

Off topic but interesting that apparently expropriation of property is banned under Bots constitution.......I read that and don't have evidence of it, but believe it's true as a general principal....probably hazy re mineral permits though.

Regards.