presentation at amec perth, page-18

Sekret

I've thought a lot about your post since last night.

The long and the short of it is that I think it is possible to have a semi fixed arrangement as you say but still have it tied to the LME: so that it adjusts periodically every thirty,sixty or ninety days to take account of LME movements.

This, I think could happen so that IRL would not be feeling the benefit of the rising Copper price.

Whether this is in fact the case, is anyone's guess. A formula along these lines would be quite complex.

Quarterlies will be most helpful, though, without us knowing credit terms provided to HCL, we are still going to be short of information? We will need to know timing lag between delivery and payment to really start being able to put some numbers together unless I am mistaken.

Not sure whether anyone has any feel for this side of things or can do some digging. Perhaps could be a useful one to add to the thirty thousand questions GH already has to ask at AMEC? Could be worth taking your own secretary along GH!

BUSH