re: Ann: AZS: Azure Enters Joint Venture with... Thanks HTI was...

re: Ann: AZS: Azure Enters Joint Venture with... Thanks HT

I was more amused than alarmed to "zinc" mentioned.

My point re the cash situation is that we can't do everything. I like the idea of a pipeline of projects possibly extending to 5 years out (any further is too hard to predict) but we should match that with capital expenditure projections so we manage our cash. If OZL is to start paying dibidends in 2001-12 then we can't expect as much of PH earnings to be available for development.

So the question remains whether we keep reserves of cash for exploration and decvelopment, for acquisitions or for other purposes.

For mine I prefer the current exploration and development option which they are pursuing unless an absolute bargain comes up. I am perhaps a little more wary of the price of development as projects rarely run to budget or time.

Good discussion

Regards