ubs rating 27 march 08, page-7

Here is the Goldman Sachs JBWere view justifying their price target of $7.80/share - extracted from a 4th April research report:

EQN remains a CONVICTION BUY idea due to the following;
- Exposure to the copper with significant volume growth as Lumwana commissions and ramps up to full scale during FY08.

- Lumwana is a world-scale copper project which is able to support production levels of ~150kt pa for 37 years.

- The construction risk which is associated with the project reduces as the late 2Q FY08 commissioning deadline moves closer.

- The current uranium feasibility study potentially provides a further growth opportunity.

• Even in the event of higher tax (and royalty already allowed for), EQN remains inexpensive on all our valuation measures.