HT1,Fair comment and I should of mentioned the Cash at Bank. I...

HT1,

Fair comment and I should of mentioned the Cash at Bank.

I just did a quick calculation if PNA were to finance the cost of Ban Houayxai (estimating it to be similar in cost to PK) and the P/C1 would only be slightly worse for PNA...

So that would make the score OZL 1 PNA 0

BUT

take into consideration the future cashflows from that development and PNA is hugely undervalued! OZL just doesnt have those prospects as yet.

So in my opinion PNA 2 OZL 1


Cash won't be a major issue imho. I don't see a problem with another long term facility to take place. The market is not a major fan of debt at the moment but with Phu Kham being a cash cow and the new mine also looking extremely promising at this stage we should be able to raise the money somewhat cheaply.Also by 2010-11 debt markets should be far more accommodating.

Also keep in mind development projects done in Laos seem to be more cost effective. OZL's PH mine cost over a $1b. PNA's PK cost under a quarter of that from memory.

As long as we don't have another quarter like the one just gone I think PNA has very blue skies ahead.

Also welcome back HT1. I wasn't too happy when they suspended you for a week. It is good having people like you on this thread. Your comments and analysis have definitely made me look at my investments a little deeper.