I agree Buffett.This is an issue that we discussed at length...

I agree Buffett.

This is an issue that we discussed at length some months back in the context of getting product to market.

The longer term picture will be one of rationalisation and consolidation moving forward IMO, with the better ore-bodies moving into the hands of the bigger players.

When this occurs will be a function of the time that demand and supply move back into balance again and prices level out and trend back down.

Which ore-bodies sit in the lower quartile of the cost-curve will obviously be a function of many factors: grades, strip ratios, access to infrastructure, bargaining power of the producer with suppliers, etc.

Will be interesting to see how UMC places moving forward. At this stage, things look positive. It is an interesting exercise comparing it with the other juniors going around at this point in time.

BUSH