Allens. "We held onto Peru a long time to sell it for 2...

Allens.

"We held onto Peru a long time to sell it for 2 dollars."

So what are you saying?
Are you saying we should have held longer and incurred even more losses?
The previous management, in my opinion, failed to come up with the goods on this one, even though they had ample opportunity, and now it is a liability around our necks costing us dearly each year.
It is not just the $2 it is the ongoing costs each year.

Without a very large raise I cannot see how we can possibly service a drilling expedition there and that would be with no guarantee of success.

From time to time a business has to make a strategic decision that may not be to everyone's liking but it ensures survival. How much would we lose if Inca goes tits up?

S32 had to make just such a strategic decision, and it cost them a bloody lot more than what Inca spent.
Most of that info given over came via S32 anyway.
If you want to blame someone start with our Chinese friends and their bloody flu among other things.

"considering what potential it has and remember its the second largest annual exporter of copper concentrate."
"Potential" is just that and the banks will not lend on that, and rightly so.

There is absolutely NO guarantee that there is copper where we are anyway, which could well be why the "first class exploration team" we fielded found zilch.

Oz is a huge exporter of all sorts of minerals but they are still only found in very special spots in Oz.

Every thing takes massive amounts of time and money, but in Oz it is still only about half the time it would take in SA.

Lockitt