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I personally think comparing producers to explorers is wrong.

Every resource producer is always exploring. The expenditure, as a proportion of profit may vary, depending on where they are in the capital cycle, but to compare the two is wrong.

IT would be like comparing CSL and Pharmaxis (CSL spends about 300m on research every year)

By the way, mx, I think a, b and d are very probable, based on the research I have done.

HT1