Ann: Copper Assets Strategic Review Update, page-42

Agree completely arsenic - Nifty is a money pit at Cu prices below US$3.30 per lb, every single operator at Nifty has found that the asset sucks money whether its open pit or underground mining and traditional sulphide or SX/EW. Open pit into/near underground workings and geotechnical issues with void management means they have to be very careful what they are doing and you lose a lot of economy of scale of open pit mining in the process and you need really good people to do it properly without sterilising your orebody and/or killing people. The environmental liabilities and poor economics of Nifty is demonstrated by the resounding silence of anyone even remotely interested in buying or JVing into Nifty. I reckon MLX would have to pay someone to take it off their hands.

The only good thing about Nifty is the exploration potential in the exploration tenements surrounding Nifty, which IGO now have access to, because all previous owners of Nifty have underspent/left unexplored this ground (because management were always putting out operational and financial spot fires at the troublesome Nifty operation).