Ann: INVESTOR PRESENTATION - 121 MINING INVESTMENT LONDON, page-76

I just finished with the podcast It is really not that simple.

I'm old school so the truth table below is my understanding of the price pressure covering any commodity, Cu included. We are currently in scenario 2 at the moment as highlighted below. Best described as a cyclically confused copper market. Scenario 3 is where the market is the majority of the time i.e Normal. The podcast is postulating scenario 1 along with a lot of commentators out there. This kind of scenario is possible but is not sustainable. You will see massive price hike in the commodity yet it will be brief and will normalise sooner than you expect.

Cu mining investors like you and I, should hope for scenario 3 this will give us the most bang for our buck while invested in AIS long term. AIS do not have enough Cu at hand to profit from scenario 1 and take massive advantage of the short term price hike. Not that it will matter much on the earning anyways.. which will always be the main factor in driving SP fair value.