Ann: STATUS OF COMPREHENSIVE PERKOA REVIEW , page-31

Hi Buyitlow

You named it: it is just shocking!

I think Glencore and BTR have gambled away the last pieces of remaining confidence and trust.

Retrospectively there have been different pieces of informations that should have indicated that not everthing was fine. Starting with the blue sky Kitumba projections of Scott heading in a 44 % lower ressource in March 2013. Then the over run of costs at Perkoa without informing the market about details. Then the totally suprised Scott when the exceptional drilling results form Kitumba came out (seems that he himself was not believing how good they were), then further problems at Perkoa.

At least we have seen - after a really uninspired PFS Kitumba in autumn - a 25 % higher ressource there and at least the hope that Kitumba might turn out to be a positive story.

Thanks to the new CEO to put the issues on the table and also to find within a rather tight agenda room to inform the shareholders. We will see what the outcome with regard to Perkoa will be. Probably care & maintenance I guess.....good for the zinc price...bad for the cash flow.

Kitumba will be essential for the future of BTR. That's in April.

At least in 6-8 weeks we will know - as stated yesterday - if BTR is just a piece of rock or a rough diamond in the portfolio. At the moment and after this announcement I tend to the piece of rock. Unfortunately.

I guess we will - if at all - need years to re-estblish confidence and trust and see a SP of A$1 again.

This is really the story of a fallen angel. Hard landing.

Is BTR a long term buy? Maybe at this levels. Maybe not. My sentiment is "none" (hold...because I do not want to sell).

Waiting for the UBS update....wonder what they wrote there(I know: you don't like UBS...however...better then nothing).