deidre, page-16

Gabriel

PNA have 100% exposure to spot market for copper, they have hedged some gold, cant remember the price but at or below current spot

Bewy Bill

I sold all my mining stocks about a year ago and am well in front. Will get back in but the turning point will be after we have seen mine closures from the prices returning to marginal cost of production. Then I will be buying lowest quartile cost producers.


There will be a mining resurgance but it will take a few years, BHP or rio maybe but forget the juniors for a while unless they have fantastic gold exploration prospects.