dividends, page-20

Jmg, thanks for your input. A few points I would like to make :

- I have assumed the project's capex is fully funded by Oceanwide's offtake agreement (share dilution). There are currently 145M shares on issue. I use 200M shares in my figures (55M shares x $3.80 = $209M).

- the SP estimate of $13 I gave is the rough value once we are actually receiving dividends of $1.30.

- Goldman Sachs predicts copper prices of around $11,250 in 2012 (a 25% premium to todays figure).

- Native copper fetches a 10% premium on the LME.