where to now , page-14

Hi Vidi, First Quantum was also down and copper sitting at $3.09. Copper stocks didn't recover much.

If you look at the trading patterns last night we were up at the opening, then went down and slowly moved upwards towards the end of trading.

As I said yesterday, short sellers, market panic and gloom and institutional selling across the board reflect our current price.

I'm confident we will get a good outcome of the mining review. All recent statements from the DRC government point to a satisfactory outcome. But it has been 12 months of uncertainty, which has contributed significantly to our current price. But have a look at First Quantum, down to $43.77. Much larger operations and profits. Yet they have also suffered considerably.

But when these market conditions change as SurferStu says, Anvil will be first off the block. The second EAF should be up and running soon and I agree Byrncut are good operators who will really turn Dikulushi into a very good underground operation. Anvil produces very cheap copper, has no debt and good cash flow. We also have a hell of a lot of exploration results and resource statements waiting for the contracts review to be finalised and then they can be released. I’m sure funding will be easier to source once the review is finalised.

But right now all of that doesn’t matter. I think most of the selling is coming from instos scrambling for cash. Fundamentals have taken a back seat and emotions are the rule. I’m holding on and looking for the right moment to top up my holdings. I'm a student of history.

All the best folks.

KKR