Ann: Voluntary Suspension, page-327

At this stage if I was a buyer I would not buy any of the three until the quarterlies come out (PLS, AJM or A40), if I had to buy any at this stage it would be PLS as I feel that they are more advanced.

I have AJM from their Haddington/Bald Hill days. The fact that I have AJM but would lean towards PLS and hold off on A40 (all at this stage) is not inconsistent its just a result of my purchase/holdings over the past 10 years or so.

AJM have to prove themselves and commission their plant and yes they do have a lot of debt and that debt should be paid off relatively quickly with a producing plant.

A40 will still be moving dirt (with there much higher strip ratio) long after any debt is paid off by AJM. This strip ratio is a cost burden that can not be repaid like a loan can and will hurt the margins going forward.

At this stage I do not know how the relative costs will compare between the three companies and I have said on numerous occasions that it will take 12 months or so before meaningful comparison can be made, until then its gambles and guesswork.

Cheers

Newbie Thomas