exciting time ahead, page-22

CBH purchased $47M of their convertible notes for $13M. This means they made a "profit" of $32M with the annual interest saving alone being $3.4M

CBH have also reduced their Endeavour workforce from 602 to 115 resulting in considerable one-off redundancy costs. They have also made staff savings in the corporate area. Concentrate production at Endeavour has decreased but because they are mining the higher grade ore with a much reduced workforce the costs per ton of concentrate is much lower.

CBH also own the Newcastle shiploader and this asset is being reviewed as to it's possible Sale but no decision has been made yet.

CBH has acted prudently and wisely in the commodities downturn and are in good shape to weather the storm. PEM management have failed to act decisively during the downturn and are now in the situation where thye are desparate having failed to act. Their preferred option is to sell to the Chinese as this allows them to keep their jobs .. maybe.