quarterly, page-34

'Sell side is growing...momentum has gone out of the stock for the time being'. Sounds like a statement of a trading fact to me by the old N'land.

Stepping through the quarterly, there is plenty to like. My highlights are:

- AN 400ktpa ROM @ 2.5% cu for a 10ktpa operation. Concetrate +30%. Low capex (second hand plant being considered) and opex. Cheap, simple and first quartile costs. Scoping study is being modified for second hand plant and 'other opportunities' to reduce capex.
- I know what PP will say here - is this part of the 'on-going' Vale negotiations?
- PB; 'exciting development' in that it looks like the two ore bodies may, indeed, be the one monster. Tony sounds like a kid at Christmas when he talks about PB. Bit like Packer and Alan Bond, PB might well be his once in a career moment.
- Regional exploration to kick off. Lets see what else is out there care of our friends at Xstrata.
- PB, three drill cores at or near the labs, additional 5,000 to come plus met testing.

Agree, nickel sounds like a dud ... ditch it early mgt team. No need for time wasters.

'Fully funded' stage 1 PEA, stage II drilling & for greenfields exploration. @ $10m though, we'll need cash sooner rather than later. No point in running out of cash.

What a ripper of a quarterly. Should be a seminal 6 months for AVB.