re: Ann: Notice of Annual General Meeting/Pro... Good pack of...

re: Ann: Notice of Annual General Meeting/Pro... Good pack of questions. Nothing to add from my side. Anyway they have no crystal ball on one hand and on the other very probably they will not provide completely transparent answers to the questions. For what reason ever.

To be honest: I have bought BTR because I was of the opinion that somewhere at Mumbwa they would find a "monster". Perkoa was more the possible cash flow generator to finance the exploration. We were talking for years the the zinc price should pick up. Now it seems that this might be the case in the next 1 or 2 or 3 years. Unfortunately the nice 40 % stake reduced to 27 % or even less....therefore we will not fully benefit of a possible zinc price appreciation.

Kitumba is not really a monster but a medium scale mining operation. Meanwhile what is left is rather a smaller scale mining operation where we do not really know how profitable it might be. However at the end of the day it might be interesting to produce there but at the end if the story should turn out to be similar like at Perkoa then we as shareholder will not benefit again.

All this makes me pretty sad somehow. Probably not only me. Especially after having wait for years to see a positive outcome in this story.

However: We should all bear in mind that the story is not over and maybe there are some exciting stories ahead.

We should not forget that e.g. around Perkoa there might be more zinc. On the long run this might positively influence profitability but also especially the life time of the mine.

As long as BTR is alive and the exploration licences at Mumbwa are valid there is at least the chance that they might find the mentioned monster somewhere around the corner there.

BUT obviously at the moment nobody is really keen to pay for something that is not more then a might be. At the moment the reality is different.

We have no CEO, Perkoa is somehow a blackbox producing delays, additional funding might be necessary, politics between Glencore and BTR, nobody really knows what is happening here.

Kitumba: Appliation for mining license imminent but nobody knows really if project is profitable. Different opinions and scenarios around this question. We might know more in 2 or 4 months. Drilling results might have additional impact on the future.

Kakozhi: Might be a 2nd Kitumba, maybe larger, depending of what ever.

Conclusion: At the moment the market is not attributing very much value to all this....and if then more to the negative aspects of the story. Let's face it: overall BTR has not delivered in 2013. Maybe this will change 2014 or 2015...who knows.

At the moment this for me is clearly a hold as it was 3 years ago where for months SP was depressed and nothing was happening.