Ann: Successful Syndication of US$400M BNI Loan Facilities, page-17

I understand all this. I wish you all luck with your investment in NIC. I still can not recall a mining company investing so heavily on expansion at a time when their product is in over supply and the price of their product is not much higher than their costs of production. So far nobody has given an example. Aust iron ore producers have not expanded at a time when the iron ore price was not much greater than their costs. In fact for many years their costs have been a fraction of the market price yet they have only expanded in a very measured way. It’s true that a large amount of Nickel producers will shut down however that will only improve prices if cheap Indonesian nickel doesn’t continue to expand at such a rapid rate offsetting any loss of production. I stand by my comments. Is it possible that all this expansion in Indonesian Nickel supply, largely funded by Chinese business, is actually designed to keep Nickel prices low ? I would have thought a more measured approach to Indonesian expansion would be warranted at current prices. So far most shareholders NIC have not made a profit and at the end of the day that’s what we’re here for. I want to invest in a company whose biggest priority is creating shareholder wealth. So far I’m not seeing this with NIC. What I have seen is multiple capital raises and expansion plans that have not helped the shareprice. There is a reason that NIC is at 68c, part of it is a low Nic prices but maybe part of it is more shareholders are starting to get sick of this pattern and are bailing, like I did. I may invest in NIC again but for the time being I’m wary.