Ann: IN SITU EXPANSION STUDY DELIVERS STRONG VALUE ADD POTENTIAL, page-86

are you saying those other mines are insulated from TC impact? MMG highlighted in their last quarterly result that higher TC's were impacting them; Glencore took mostly cash for their sale of two mines to trevali in '17, with the equity component, if they haven't sold any, now worth 25% of what it was at transaction; what support is glencore giving them? Teck agreed to 245 (is that their strong hand?)

Are you actually suggesting it would be a good idea to not expand and reduce the C1's of century? i guess FMG should have stopped at 50mtpa and not put downward pressure on a falling IO price a few years back, reducing their cash costs per tonne has really come back to bite them

the good news if, by that logic, no new mines will be opened in the next few years as management (blissfully aware ones) of all development plays will understand they are undermining their own projects by starting them, therefore giving support to the zinc price, which will rise, so projects already in production with a good C1 will make money and reward shareholders

and we've just described the price cycles of commodities, where bears on the downswing say the world will end and bulls will see the opportunity