Hi Jorg,

I don't see JV before end of 2013Q1, but frankly I have no rational behind my thought, only intuition.

As for redmud deal. We are talking liscensing, but that will come, imo, after an ''fs'' study by a potential client, meaning the client will assess on his side, the potential revenues and the cost associated to the construction of a redmud remediation plant and the licenses associated... and then will contract with ORT if it makes sense to him, we might see a pr saying that a potential client will make such a study before seing a license deal pr from ort...don't know, just my thoughts. 

For BFS I tend to agree with you, again my timing is only intuition.

Apart of jvs and licensing, anything for 2012 an early 2013?

A potential financing partner for SGA, La caisse? Possible? Is Ort at an enough advanced state to be an interesting investment from la caisse, in regards of the new investment philosophy at La caisse? I mean as of now, or will they wait end of Q1-Q2 to assess HPA plant, if ever the get involved?