Robert Stein (CLSA): Hi Andrew and Elizabeth and team. Two questions on FFI. The first one is on strategy and the other on monetisation which sort of comes off the back of the previous question. So, re strategy, on the last call I asked a question around nickel acquisitions, i.e., Noront that was being progressed through Wyloo Given that Dr Forrest is on the call, I might ask it again. Why isn't FFI playing a lot closer to its core minerals development operational skill set and targeting nickel acquisition like Noront, Western Areas through the FMG banner? Some may say it's also aligned to a low carbon future and is potentially more aligned to existing investors' mandates and offers potential exploration development synergies? oThe second one on monetisation, look I think given the previous catchup that we had about six months ago, we talked about sort of 8-10 per cent IRRs at the project level and then gearing up through green bonds. So, it was on the course to FMG sort of increasing the equity IRRs. Can you give us an indication of any appetite from bond, green bond investors to these opportunities and how they consider heightened country risk with some of the jurisdictions that have been highlighted obviously being at the riskier end of the scale? Andrew Forrest: Okay, so by the time we got to the end of the last question I've forgotten the start of the first question. Thank you - got it. So, it's a good time to go public on this. Between Tattarang and Fortescue, Fortescue shareholder Tattarang, there's a Fortescue First Principle which means every opportunity which might be or have an interest for Fortescue is offered to Fortescue first and there's periods of time, which are substantial, for Fortescue to consider whether or not it will consider the opportunity and then take over the opportunity or over another period of time, hand the opportunity back to Tattarang. The same happened with Noront. The issue with Noront for Fortescue is that to move the dial, Fortescue needs very considerable scale and at the early stages of looking at the Ring of Fire, it did not provide Fortescue with the scale it needed to get heavily into nickel. Now if there's massive nickel discoveries made, then sure it might have but at this stage that's a very well drilled out area and seems to be very geologically understood and the nickel upside appeared limited to Fortescue. I didn't make any of those decisions. That was made independent of me, but it has been explained to me since.
Wonder what was explained to him that led Fortescue to move on Noront and not just let Tattarang look after it which was probably the original move to go private (Tattarang is one of Australia’s largest private investment groups and is owned by the Forrest family)