bad news for shareholders, page-11

HIG's cash flow share of Frieda (assuming a bankable feasibility study and approved future development) will indeed be far larger than RAMU, but the Frieda cash flow will then only commence in around 2016; Ramu cash flow could be as close as 4Q2010.

Given the production cost of Nickel at RAMU and the current Nickel price, the cash flow would be very welcome to HIG ... possibly for an early development of the copper deposits adjacent to Ok Tedi (given that Ok Tedi is winding down operations based depletion of its resource base)

Just my thoughts ....