end game looms, page-36

I think u have missed the point completely. World class is volume + lowest quartile cost. It is not simply grade. Look at escondida. It is low grade but very low cost with extremely high volume.

High grade suggests costs can be low. However, this is not a given.

Even at last year DML were talking of a cost of $1.30 per lb after silver credits. This is a relatively high cost when the likes of escondida are producing at around half this.

So, high grade does not necessarily suggest lowest cost.

DML really need to provide an update on cost particularly in light of having their 'record' level of monthly production. From memory their previous costs announced were well over $3 per lb (thank god the lenders forced them to hedge upon granting of the loan). I would expect this should be a lot lower. If not, they will suffer he same as OZL a couple of years ago when Century was haemmorhaging.

Look it is a punt and I may well have a go on it. However, I know that if there is no bid (and I'd hope to get 30c-40c), it will be a very long road with the additional dilution.