Ann: Havilah-BHP Kalkaroo Work Program Update, page-53

Because I have 5 Cu explorers/developers/producers I get a view through this section of the market. I think what's happening is, with the fall in sentiment to Cu accompanied by the price. HAV is the favoured lower risk counter on the way down and lower risk thus easier point of entry on the way up for speculative money-seeking Cu exposure in the explorers/developers sector. Certainly, it's been my response.

It's always hard to tease out one true (visceral) risk/ return capability. My being spread (splattered) across five is just an attempt to mitigate that. '' The spirit is willing but the flesh is weak '.Now those much more capable than me e.g PE & VC funds in the Cu space can play that ladder better than I. To an extent, we are cannon fodder. Like the offices in The US Civil War. Maybe Officers but still cannon fodder.

All IMVHO