rebalancing the dj aig commodity index, page-33

re: drilling results melba flats out Patience folks. I fear we can not go a lot higher until production commences. I'd be happy with 80 cps pre-production.

Imo, baring stellar exploration success, a $bn cap with require a few good quarters and a favourble nickel price, ie not before July 08 at earliest. It will probably require FID on a major expansion as well. Remember 8500 tpa still leaves AGM a fairly modest producer.

EL