Ann: Significant Extension to Cobalt Mineralisation at Opuwo, page-56

After coppers recent move they are still trading roughly 10:1 Co:Cu. I make our CuEq 1.75-2.0% depending on where average grades fall in our range. Recent ones have been more like 1.75% the west might be more 2.0%.

The thing is not so long ago Cu was fetching about $5,500/tonne and people were working with 2% equivalent fine. Currently we are sitting at $7,200/tonne. If you think of it as opex being about say $1.50/lb (Cu) then that makes a move from $2.50/lb to $3.30/lb in copper price an 80% increase in margins. Pretty significant and gives some wiggle room for economical CuEq.

In saying that if you look at some of the IOCG deposits in South America they are working with CuEq under 1%. All just depends how cheap you can get it out of the ground and what processing is like. I think most of us are banking on sulphides being cheap compared to some of our laterite competitors