us cash, page-49

Further to my above post. The following is the email I sent to Natalie Worley - "External Relations" at OZL.



Begins

I imagine that there is a constant trickle of inquiries of this nature Natalie but I felt I had to add my concerns to the collective voice of the shareholders.

Substantial losses have occurred due to the Minmetals cash being held in USD. As the AUD moves closer and closer to parity with the USD these losses are exacerbated. Is there anything underway to mitigate these losses?

Happy to be corrected on this concerning issue.

Ends

And the response......

Begins
Thank you for your email.

As you say, our cash is held mainly in US$ with some in A$ due mainly to the proceeds of our recent asset sales have being in US$.

We are reviewing our mix of currencies going forward as part of the corporate strategy review and may adjust the current mix accordingly over time. At this time, our preference is to take a conservative view and to hold cash where we are most likely to spend it. We do not wish to take short-term positions on currency which has significant risks and is not part of our core business.

Please let me know if you have any further queries.

Regards Natalie Worley

ENds

I don't want to read too much into it but this caught my eye.

I'll paraphrase, "... our preference is to... hold cash where we are most likely to spend it."

I commend Natalie on her prompt response. If only some other PR / Investor relations / spin doctors were as efficient.

I'll let everyone else make their own judgement on the content of the email.