pressure is increasing, page-4

Hi huge,

Thanks for the information on RXM. It does temper my thinking quite a bit. (See below for my thoughts on how to partially mitigate some of this risk.) Also agree with your thoughts on P Hill extension. The one mine issue, though, still remains, and as others have said, that is a risk, and the sp is discounted accordingly.

Hi haemitite,

I think the synergies could be quite large. (I would need someone with knowledge in this area to confirm the following.) P Hill overburden removal has required the purchase of more excavators and dump trucks. After 2013/14, these will no longer be required. If Hillside mining starts at about that time, then the excess equipment can be moved and not purchased.

OZL could do a 80/20 JV (or some other ratio) with RXM free carried for the 20% and paid back to OZL from mining profits when mining starts. That way, there is no premium paid in cash upfront by OZL and RXM get the premium through non dilution of the share registry. They still though, carry some risk of the mine not being a good one.

HT1