broker report, page-17

cdmtdm,

You can check

http://www.breakawayresources.com.au/images/breakawa-19--giequ.pdf

and

http://eprints.utas.edu.au/731/1/Stratiform_LARGE_RR.

Norilsk entered BRW via their acquisition of Lionore in 2007 and since the GFC has mothballed four nickel mines in WA. Would expect Norilsk to sell their BRW holding only if they were to make an exit from these mines as BRW holds ground around Norilsk, BHP and Xstrata mines. If Norilsk restarted some or all of these mines would expect BRW holding to become more strategic than it is viewed now by Patts. Fundamentally would be more concerned with BRW's admin cost pa as a negative issue.