AlbertE,CU may be appreciating but this is in parallel to an...

AlbertE,

CU may be appreciating but this is in parallel to an appreciating AUD dollar, so AUD terms CU has not appreciated as much as the charts indicate. PNAs costs and revenue are both USD dominated, so these circumstances have benefitted them.

On PNA, i am surprised you say it is a well run company. They are yet to turn a profit, have had to rely on massive rights issue to save there back and importantly seem to consistently underperform on production guidance, in terms of both T produced and costs. They also have to undertake significant plant expansion to maintain production at current rates past 2012 at lower head grades (with increased cash cost). It is also noted they have removed the Puthep Copper project from their growth portfolio citing metallurgical issues…..overvalued in my opinion.

While OZL have had their own set of problems, PH ramp up and commissioning has progresses well, so management deserves credit in this regard.