Ann: Fremantle Conference Presentation, page-45

Ha Ha,

I't seems I assumed too much on the serious discussion front. I'm getting better at picking my debating partners.

Semantics:

It's logical to draw the conclusion that someone is saying "management don't know what they are doing" from a statement that "management have underestimated their costs"

The Hidden Gems

Good to learn that the 3.6mt processing plant is worth $540m. It seems Lachlan doesn't have a clue about anything. From memory he told me the plants replacement cost was circa $300m.

Glad I have been loading up while others sit on the sidelines waiting for some good news.

The Joke:

Asset backing that starts with $540m for the plant given all the other stuff that comes with it makes the MC the big Ha Ha in this space.

Be nice to exit on a PER of 48 like OZ minerals recently did when the NPAT breaks through the $250m barrier after Benz is rewarded with those copper price increases.

Big smiles all around.