Ann: Azevedo Exploration Update, page-46

Not that it matters too much as Appian have already made their decision but I stumbled across this article and thought it may be interesting to some AVB holders as it goes into a bit of detail about what drives the decision making at Appian, link here:

http://www.mining.com/not-scoring-big-win-not-backing-losers/

This bit was interesting:

How would you summarise your investment philosophy?
Long term value investing, with a unique focus on technical arbitrage in the cyclical metals and mining sector. And by arbitrage, I mean the asymmetry of information that our team analyzes and prices in terms of risk.

I found the most interesting thing was that Appian Fund 1 has a zero allocation of assets in Australia, they are heavily weighted in copper (51%), gold (24%), nickel (19%) and some rare earth and other metals (only 6%) with a geography breakdown of : Latin America 76%, Africa 14%, North America 10%. I reckon they have overlooked the sovereign/jurisdictional risk factor of Brazil, they are neck deep in Brazil and seem a bit light on in Chile so lets see how that works out for them.

Presumably Appian would be wanting to get rid of their OZL shares would they not? Something for OZL holders to keep an eye on.