anyone follow?, page-6

re: anyone follow? arhidas ANL has 7billion shares on issue and it is expected the price will not move significantly upwards until the company can demonstrate it has resolved the technical issues at Murrin Murrin. This is likely to occur once the capital program, which is expected to run through to December/ January 2004, has been completed.

March quarter report reported production for the year to date at 22,325 tonnes. It is expected production will continue to be affected at various times for the remainder of the calendar year. Production for the full year is likely to be similar to previous years result due to rectification works as part of the capital program.

Management expects the plant to be performing at a rate of 40,000 tonnes within a few weeks of completion of the capital program. By then it is expected all fix ups will be completed.

As for the life of the mine half of WA is made up of low grade laterite ore so there is no shortage. Grade control issues have been addressed through the implementation of a new grade feed system and an enhanced ore reserve modeling process.

The Company has no metal or foreign currency hedging, minimal debt and all production of nickel and cobalt is sold to Glencore through a shareholder-approved Off take Agreement.

Nickel prices are very good at present, which is certainly helping the cash position.

Anaconda is acutely aware of the reputation it has acquired for "over-promising & under-delivering" in the past, and this remains a legacy issue that affects investor confidence. Since Peter Johnston took over from Andrew Forrest in December 2001, we have been careful to avoid making predictions about the performance of the plant, without the means to ensure delivery. The capital program provides the means, and the performance should deliver as promised.

For further info refer to http://www.anaconda.com.au/Media.htm

Cheers

Drafthorse