Ann: 2012 half year financial results announcemen, page-37

re: Ann: 2012 half year financial results ann... HT,

High waste stripping might not be unfortunate if it gets to the pay dirt underneath faster than previous guidance? i.e. ratio of ore to waste higher this quarter (cost impact) but increased copper and gold tonnage comes online sooner...

OZL oversold on this news. Back up to 7.75 by end of the month once people consider it more carefully - assuming copper price is stable. Global recovery (positive signs in the US recently) will put a rocket under copper once again so upside down the track (but exactly when is uncertain).