Dr West, page-58

Thanks for the chart Aubin - I think it makes things much clearer (much more so than the Form 605 which in my view is incorrect in a number of ways - ICG is not the "substantial holder" who should be giving the notice, that should be Messrs. Huang & Wu, and they are still "associates" of Mr. Zhang, and altogether they still hold 255.624165 million shares, which is more than 5% so they have not ceased to be "substantial holders" - I think it would have been more appropriate to use Form 604 as the 005 gives the false impression that they are no longer "substantial holders".

From your chart it appears that "the Chinalco Boys" have reduced their total shareholding by a nominal 0.24% while at the same time increasing their voting power from 3.55% to 6.81% (an increase of 91%). This might seem to be still an unimportant small percentage of the total voting power but could I remind everyone of a post @JandJ did in February that I also commented on as it seems timely to recall it now - the article about the experience of Highland Pacific may be especially pertinent for us

https://hotcopper.com.au/threads/join-the-defence-group.3231335/page-3?post_id=22684403#.WOdt76L-vIU

More recently here is another SMH article about Highlands "China experience"

http://www.smh.com.au/business/mini...da-copper-deposit-in-png-20170302-guox5s.html

I think we can look on this latest development whereby Chinalco has now effectively doubled its voting power at no cost to itself as "Stage 2" of whatever it has in mind.

On a brighter note I take heart from this latest development - if anyone was going to hear any bad news about the drilling it would be the Chinalco Boys and the fact that they are moving to double up their votes now suggests to me that if they have heard anything it is good news.