relentless selling, page-49

MNC has a huge copper resource. With a market cap of about $227m and a mine that could be very very expensive to build you would need to be careful that the capital for C did not clash with the capital for the MNC resource. OZL has the bal sheet strength to only do one big mine at the time. The IVA Mt Elliot project appears to be further along the development pipeline, it is a similar grade, but still expensive at $1.2B for 50,000tpa copper.

I am being a bit wishy washy here. I think it is an option, the cost and timing will be critical. OZL, within 6 weeks is planning to announce an exploration pit for C. They are not cheap and will consume about $150m - and that is just to get the data to develop a mine plan so that the big capital expenditure can occur.

HT1