Ann: Update on Operations, page-60

DML suffered from poor grades which meant copper production was below forecast which in turn pushed unit operating costs up over $3. Somehow the sampling gave then a false sense of copper grades in the ground...

To me the biggest lesson was how long they hung in there. 1. Covenants are a target and prevent debt holders being screwed during good times That goes out the window during bad times. 2. DML negotiated a substantial haircut with debtholders - more than debt forgiveness on interest and so the second lesson was debt holders will do all they can to preserve their investment.

The DML lesson made me more comfortable owning small producers for these reasons and why I don't see problems for tiger finding capital.