final thoughts for 2012, page-4

Also, Ferreria (?) fast comming to an end of its life. They've been talking up a possible extension for four quarters now with no result.

So, possibly we are down to one mine producing domestic only for very slim margins, one mine closing, and Penumbra possibly entering production. Sound about right?

Botswana - NMR isn't exactly flying after its recent announcement. Whatever CCC finds, don't be surprised to see a similar result.

DJ