Ann: Binding MOU with Sinosteel, page-29

SB,

There were two arguments put up about the Chinese

1) takeover offer
2) gain control, only need 50.1% of shares if they vote as a block, then they can dictate what happens, if they want all the copper they can get, expect funds to be spent on expansion and exploration with dividends a distant notion.

Who knows what they will do. It is intriguing that the keep taking shares. Again I have no idea but is not past the realm of probability that the price for the plant was not the best available but was the best of those who would accept payment in shares.

Not directed at you SB, but I went through the 5b reports and until the end of Sept 2014, CDU have paid out $178 mill in cash for property plant and buildings over the last 5 years.