frieda update, page-3

I have just come back from PNG (been working there in the resources sector for the last 12 months), and have a tangential exposure to Frieda.

I would not be so confident about Frieda, folks - they have some incredibly difficult geology (perched water table requiring huge bunding dams), a very very tight labor market with the LNG project and huge logistical hurdles.

Everything needs to come in up the fly river..

This is a high cost / high risk / technically challenging play and I'm not so certain Xstrata will buy-in...

doc