Ann: INTERIM - ORGANISATIONAL CHANGES, page-13

Yep exactly - need to adjust for inflation, and the world has had plenty of inflation in the last 3-4 years, on the supply/demand physicals now would be a good time to be bringing new Cu mines online, but no one is doing it because no-one has been seriously looking for new copper deposits, and all the world-class long life Escondida's and such all get deeper and lower grade and some reaching end of mine life. Normally the market response is for high cost/marginal and smaller-scale copper producers like Cobar underground mines get switched back on, but inflation has stuffed up that supply response so the industry probably needs even higher incentive prices to restart the high-cost/swing producers, and the timelines for building the big Tier 1 multi-cycle mines in South America are getting longer.