toho clause, page-2

Personally, I am still in favour of the merger. However PEM is a higher cost producer at present with the Endeavour mine appearing to improve costs each quarter.

If CBH pulled out they would want to have positive news on Panorama & Broken Hill. News on Panorama is a bit overdue now, where is the environmental report?

Any how, if you believe in long term zinc prices going up, the merger is a fantastic deal for CBH. If you don’t, then it’s a dog of a deal. My view is more short term pain, and long term gain. Although this has been by far my worse performing stock to date and I have clearly got in about 12 months too early.