I agree, I can't see a significant drop in operating expenses,...

I agree, I can't see a significant drop in operating expenses, but certaintly c/lb will, particularly with two ball mills operating in the not to distant future. And the comment that expenses were in line with expectations, and that they have not dropped their current expectations of 20,000 t of copper p.a. is interesting.

Along with the expenditure in the Philippines it was also interesting to note they have increased their workforce by a third.

I'm not at all surprised by these results. Everything has already been well and truely flagged in previous reports and posts. The operating profit and net profit is in line with expectations and does not vary much from the Qtrly's. The detail of the annual report was good. What I am waiting for is more drilling results.

All the best

KKR