cmr igv 118 dollars per share 3 march 2008, page-30

I think there is some real rose tinted glasses being worn here.

Everybody seems to assume that once the plant is built that everything will be sweet and $100 bills will rain down from the heavens.

For a serious re-rating to occur (IMO) the following needs to occur:

1) Plant commissioned on time
2) No more cost over-runs
3) No commissioning problems
4) No production issues
5) Operating costs have to be held tight, really tight as a lot of the upside from high metal prices is being diluted from the booming AUD

With history of last 12 months who has rose tinted glasses.