15 - Certain sources of capital will consider only minimum risk proposals, while some, if they like the odds, will assume almost any risk. However in considering the risks and the rewards, I would like to make two important points not always recognized. First, the same risk will "be appraised differently by different people and therefore in financing it's wise to have this risk carried by the one whom it scares the least. Second, the dollar amount of the reward to some investors is less important than the form of payment that it takes, for the tax collector is a party to almost every transaction. It's the profit the investor keeps that counts. Let me elaborate on each of these two points. In the Lucky Mc financing the institutional lenders were unwilling to assume the risk that the ore reserves were there. Yet to Utah and to Phelps Dodge this risk was of no material consequence. Utah did the original exploration work. Later Phelps Dodge read these reports and test-checked them. To the experienced mining concern proven reserves were better than money in the bank. Beauty is in the eye of the beholder! By isolating the individual risks and laying them off on those willing to carry them for the least cost, you will accomplish two things First, you will achieve the lowest cost for financing and secondly, by disseminating the risks or having them underwritten by others not participating directly in the proposed financing, you give the financing a credit transfusion that broadens its market and makes it more appealing to the lender or the investor. Many a deal has been made bankable by getting third-party undertakings that lend aid and comfort. These take