first coppersales for 21 mio, page-7

I was slighlty out with a couple of my recollections...but here is an excerp from the Citigroup report on the Copperco website....

"Initiate with a Buy — CopperCo’s Lady Annie operation is being commissioned and will be ramped up to 25ktpa during CY08. Low cash costs are generating attractive prospective PERs and an NPV 70% above the current share price. We initiate coverage with a Buy (1H) and a target price of $1.65.

 Low cost cathode — Cathode will be produced from proven acid leach, SX/EW technology, while proximity to water and relatively low cost acid and power from
Mt Isa should produce cash costs of ~US85¢/lb. Hedging covers ~42% of production for 3 years at A$7,230/t (US$2.78/lb @US85¢)."

regards
DF