citi downgrade to sell, page-3

It is interesting reading CITI's comments and reasons. May I add some alternate views.

1. commissioning risk - yes but decreasing significantly with some months of production hitting ramp up goals.

2. PH has limited mine life. 10 year open cut plus underground for a toal of 35 years plus good upside potential. I do not agree with CITI here. They would appear to have not done their homework.

3. Limited project optionality and valuation upside. When you look at the tenement of 4,500kms around PH that is available for exploration, with the original geologists saying Mt Wilson has very good upside and the grades that are currently being found in the drilling, along with the infrastructure already in place, I would say that there is very high project optionality and valuation upside.

HT1