macqurie recommendation, page-7

Marque,

Keep in mind Goldman's conflict of interest. They own a chunck of PNA due to previous options.

Macquarie is a little scared of PNA getting the to the 60kt this year. This is fair enough, there is an uphill battle to get to the 60kt.

BUT I don't believe there is a lot of down side because of two reasons

(1) we shouldn't miss the 60kt by anything too drastic, otherwise management should have disclosed it in their last announcement.

(2) strong copper prices are more than off setting any loss of production.


Regardless though it would be helpful if management came out with news on the production for August. They did it for July when it was a good month and they need to be consistent with their announcements otherwise people will assume the worst when there is no announcement.