copper confusion, page-162

aka,

The Company has applied for permission to allow a greater throughput through the plant above the 3 million tonnes already approved. The mooted figure is four and a half million tonnes per annum.

The point I am making is that , if the higher figure is approved, calculations on profitability will need revision and throw in the mining of Wilgar for which we know part of the plant has been purchased.

My policy all along has been to play it safe and work on the JORC figure but keeping in mind that the many targets yet to be drilled may turn up another native copper nugget find of the likes of Las Minerale.

As for any further financing requirements, we will just have to see which path Wayne McCrae intends to take.

Developments of rail and port facilities are factors and will have to be addressed at some point.

Wayne McCrae has been adept at securing any finance needed.

The offtake agreement with Oceanwide provides for payment of product on board Townsville so there will be no delay in payments once the ships are loaded.

Against those payments ,there could possibly be a lender of short term finance.

We will have to be patient and see what eventuates.