more capital, page-3

Hi kwehrend,

We know that as a result of the recently released DFS, the updated capital requirement to bring Lumwana to production is us$550.4 million. This amount incls. the mining fleet and contingencies.

Capital arranged to date totals us$355 mil., in the form of senior & subordinated debt. The newly announced equity raising will contribute a further us$109 mil. to be followed by a separate finance facility of us$96 mil. for the mining fleet. Together, these arrangements will produce a total of us$560 mil. and will satisfy all the pre-production requirements.

So it seems we will finish up with an 80/20 mix of debt to equity. I don't consider this overly dilutional in the context of what they are trying to achieve.

Cheers ... WJ