I don't disagree with your interest calculations Jurek or the timing of payment. My only point is that, for accounting purposes, much of the interest paid in 2008 & 2009 will be treated as a capital expenditure and thus not form part of operating cash flow.

Once Algar is in production the interest paid going forward will be expensed to properly match against the income generated from Algar. The interest that was previously capitalized during construction will be amortized to the income statement over the life of the asset. This amortization does not form part of operating cash flow.

Althought this is may appear abstract to non-accountants it does materially impact operating cash flow during the period of construction.