Ann: June 2014 Quarterly Activities Report, page-18

Hotfire - not sure the market is digesting this incorrectly at all.

Guidence was for 39,000 tonnes of copper for 2014 - they've reduced that to 25,000 i.e. 14,000 tonnes less this year. Basically they are confirming the run rate of the HMS for the first 6 months 12,421 is what will be produced for the second 6 months - i.e total is 25,000 tonnes - HMS production will continue into 2015 but they may stop earlier if it is not acretive.

The 14,000 of cathode is slighlty higher than nameplate which is good news and you're right SXEW is the future.

Based on this report they should get out of the HMS business completely the transitional material is not high margin enough to bother with once you give Gecamines their 40%.