Ann: Agreement with China Non Ferrous, page-18

Realist thoughts:
- CR will likely be at 7.5c-8c (hopefully above most of our averages). The SP will probably churn at the CR price +10% for a while until we shake the traders happy to make a quick 5-10%;
- Someone has obviously been capping the SP so it couldn't run prior to these announcements (Thoughts on this TBA);
- IBG will return to market as the Chinese NY commences which will mean a likely sluggish zinc price until china reboots mid feb. This will probably make the SP sluggish too;
- This announcement won't have much of an impact on the greater market, it will wait for an updated BFS and confirmed funding agreement;
- A solid BFS and favourable funding agreement will be our first solid re-rate, i'm estimating 20-25c.

Optimist thoughts:

- All of the above happens within 6 months.