where to???, page-3

NT

Generally (naturally it always depends on the specific
terms) i am of the opinion that investing into
downstream facilities is only logical and potentially
a very prudent thing to do, advantages being:

1) for the foresseable future there is more a tightness
in cathode copper rather than concentrates,
hence cathode copper commands now a premium
to LME prices and TCR charges have increased
considerable lately. So in Anvil case do your
own math by figuring in higher realized prices,
lower transport costs and reapping a part of
the smetling profits, than you can eassily see how
profitable such kind of operation can/will be

2) will give Anvil much more flexibility/independence
re marketing their output and reduces logistical
issues greatley

3) There are no significant smelting facilities in DRC,
with increasing Zambian outputs also limited
cap. there soon. Anvil would not only make
Gecamines happy but also strengthen their
market position in Congo, which might give some
positive clout and opportunities in the future

4) Being able (?) to fast track a potential sound
economic downstream venture and consequentely being able to reap the benefits while the cycle is strong
i very much prefer over Stage 1 Dik. which only
has been able to deliver VERY limited operating profits as long as investment had been low (Stage 1)
for too long.

5) Capex investments into a SXEW plant might be
not as high as some are suggesting. May be
there is room for JV`s/partnering or an approach
where you increase the capacity (and investments)
over time accordingly to the production profile.

Also i like to add the latest big talk here about a
"right" issue with a rather specific idea re timing and size i do regard as pure conjecture.

Regrettably i do not possess a crystal ball, and i feel remembered to August last year where
some predicted a "right issue" at 0,365, reality has been
there was at end of the year a capital increase to
"sophisticated" shareholders at 5,25 c $ (and regrettably attached cheap warrents).

I would be delighted to hear about the sources of
those "pending" right share issue.

cheers