assessment of the qtly report

1. Copper target for the year will be achieved
2. Gold target will not - has been downrated by approx 30,000oz
3. C1 cash costs were good and < 70c for the year will be achieved
4. Ankata is on schedule for ore in Q1 2012. Capital cost up a little due to change in scope. The P Hill original plan had copper tonnage of 80ktpa for 2 years. Ankata will maintain 100 to 110.
5. C1 will trend up next year due to a) Ankata b) labour costs c) carbon tax
6. Carrapateena is 4 or 5 months ahead of schedule on drilling.
7. Mine profit was $200m for the qtr

My thoughts

Steady as she goes - no real surprises. In mining, it takes a long long time for things to progress.

HT1