all over, page-137

AP

I don't think the Minsec debt was the thing that caused VA to be appointed - as you say - they had a month to go.

Minsec debt did not help - let me be clear on this. They also got $15m in cash when they took on minsec - this has been used to fund day to day operations and the expansion.

What has got them ? Provisional Invoicing. Do yourself a favour and read the presentation given my Matrix ( MRX ) on 17/11/2008 - look it up on ASX site. Gives a clear picture as to what happened with MRX , same thing likely in my opinion with CUO. The counterparty has played hardball and demanded repayment - and they didn't have the cash and it had been spent - perfectly resonable when you consider how unlikely the combination of events that occured - 40% drop in CU price / 30% AUD devaluation.

Our best hope is that a restructure can be done . LA is a very valuable asset - but it's not cash. SRL sold Nifty in 2001 when CU was 75c a lb - was a 27,000tpa operation ( similar to LA , and 70,000 T in oxide resrve ( we have 300,000 ) . They got $158m for it - surely LA would attract some interest even in these times as it can still make money at current price.

Cheers


Baraka