Calls from Sydney, page-20

Gareth,

In nickel I don’t know whats next for me. Yes I have other holdings but MCR was the big core one that I was confident in.

I have quite a few DKM, but it’s still speculative,

I have a very few PAN but am concerned that it’s especially vulnerable cashflow wise for the next year plus. At USD 11.5 it should be fine, but what if it’s 9? May be I am fretting that one too much.

And yes I have CPN (not really nickel). However as an explorer without even a resource, and my not being a geologist I’d never put very much into it, and then with utter patience.

I watched LM8 for a while until they did their big management options package some months back, whereupon I decided that if they were successful most of the upside might end up not being so beneficial to ordinary shareholders. I can pinch my nose for generous options packages but that one seemed to be beyond the pale for me.

I am even struggling to replace my copper after BHPs swoop on OZL.

I expect you will see me doing a few bouts of tyre kicking over the course of the year, as I am in no hurry, might even park some in term deposits.

EL