Ann: Copper Assets Strategic Review Update, page-23

I’m trying to put the pieces together here... APAC were always against the Nifty purchase from the get go and even made a movement to shut it down late last year. They now sit on the board (Brett Smith).

I can’t see why they would do a 180 and say let’s fire this thing up again. I just think they haven’t got the price they wanted ($200m of infrastructure as they say). The strategic review is still ongoing as they’ve mentioned, today’s announcement was just an update.

The purpose of displaying some development options around open pitting, heap leaching etc could be just to show potential suitors there’s a range of options to monetise this infrastructure and resource. My concern is they’ve sold off the best bits which were the exploration tenements making it a harder sell for someone to take the lot. Maybe there’s still a chance at IGO coming in to JV the infrastructure- they seem to think of themselves as turnaround kings by their recent investments in New Century and Goro.