Ann: Chairman's Address to Shareholders, page-2

I read the Chairman's report, and concluded that the project economics will not work on a number of fronts. He mentioned a 14% ROI, with copper at $3.00, and the AUD at 70c.

Copper is currently around $2.60, so we are still 20% below the required rate.
The AUD conversion rate is against us, by another 5%
Finally, 14% ROI would fail most corporate hurdle rates of return - most companies are looking for investment payback in 3 - 5 years, whereas 14% is around a seven year payback.

I think I'm out of here for the moment, will keep an eye on them in the future.