quarterly out, page-30

Hi Maxw,

Want to support your view about corrupt (or perhaps more appropriately hindering) systems and other countries following. Trouble is we have(had) a government that has had its finger in the pie with respect to a share of mining company profits. Additional taxes mean you need a better deposit to be viable in an environment where good deposits are hard to find. The boom of iron ore and previously coal gets spread across all commodities and in my view limits the ability of companies to jump all the hurdles without seriously good grade.

It puts more money in the government coffers but in turn contributes to unemployment and limits growth for the junior end of the market where the drilling for discoveries is being done. The current system supports big Mining at the expense of active explorers.

That trend has been followed overseas and in my view the upshot of these actions is that it becomes so much more difficult to do what Cudeco is 80 to 90% through getting done.

You need a very good deposit and seriously good management to battle through the hurdles. The Qld government has Cudeco listed with huge potential for the economy and is supportive.

Now that the commodities outlook has changed the horizon will the policies also be adapted. There are lots of things that make what Cudeco is doing tough stuff. Cudos to Cudeco and WM and the geos etc.

Not a single other company I know of on the ASX is this close to a long term mine. Our (to holders) company is in the hardest part of the race where outgoings are at their highest and incomings at their lowest. Doing well building the wall brick by brick.

Looking forward to what is to come.