You assume what I think, what I am saying is they don't intend on paying it all back by your timeline. They will pay interest, they have been buying debt back at a discount which is a form of repayment, although you don't think that is enough. They may buy back more, they may not. The debentures will be converted as I expect by June 2012 that the sp will be above the trigger for those holding them. That is $100 million from debt to equity, but of course $100 million may be too small a number for you. So assuming no expansion debt will decrease but not entirely. When they expand further, at what point I don't know, but most likely in late 2010 we will hear something. they will have the cash and capital markets won't shy away.

Lets be clear here, I think they have a high debt load, but once Algar starts producing it will be entirely manageable. They won't pay off all the principal, but they will pay off some. They will get further financing, and I hope it is debt not dilution, to continue expansion.

Further if they have the cash flow they will be less risky of a venture which will bring their financing costs ie; interest, down.