*** $25 billion resources ***, page-91

re: *** massive rerating * look at it this way *** Yes SP,

You need to be above 70 and then you will get a dispensation. But it needs to be wisely used and parameters will still need to be loosely looked into.

I wouldn't use it in the more developed companies because you can hang your hat on some of the known items.

But it does serve a purpose when comparing companies where apart from having assets, they have not very far advanced.

But of course, it has its drawbacks. In the case of TYC, one can only say that this amount of metal is in the ground and provided a suitable cut-off grade is used- that would be so.

Of course a number of parameters have to be applied later-however, nobody knows what the final arrangements will be: As to the main course, how much will TYC be left with?

TYC quotes the tonnages pre-treatment anyway, so if you repeat these, that won't worry me. I tend to split the metals as to pricing.

Gerry