Ann: Quarterly Activities Report, page-69

Yes S-B can see your thoughts, but consider that a big slice of this is actually capital investment for future income in the form of new stoping to the new areas, capital rebuilds to enhance equipment. Lower copper prices are hurting copper miners the world over, and many are in the latter part of their mine lives. MLX has the big plus of multiple holdings and the other operating one is a very high quality and reliable stayer which is throwing off increasing amounts of cash. Both copper and tin prices according to world pundits are going to head higher, as the supply demand situation will increasingly benefit suppliers. Nifty's costs per ton are headed down as they now start to move into the newer and higher grade areas. Problems continue from defective and rundown legacy equipment, but much of this is by now sorted. I'm looking at this from the perspective of a management accountant, which is what I am, by education. Would not be surprised if they put in an ore sorter later, like the one newly installed at Renison, but this will not likely come till they get closer to capacity in throughput at the plant.