6.50 valuation, page-4

The increase in valuation of CMR is co-incident with upgrades to most resource companies in the last few days by Huntley.

Huntley has been too conservative with metal prices and exchange rates and these figures led him to have a REDUCE rating on RIO and a HOLD on BHP for the past few weeks during the massive rally.

DO NOT think that this price upgrade has anything to do with restored faith in management, although he notes the sackings and believes that problems may be being addressed. He still maintains a 15% POOR MANAGEMENT discount on CMR.

I hold still.