how to use the $750mill, page-8

Hi Ville,

I keep on banging the drum with Rex Minerals - It could consume the $750m by buying the company or doing a JV and spending the bal on the capex to bring hillside to production.

BHP might discard the Pinto Valley copper mine in the US - I am not confident it has a good C1 or mine life or tpa, but have not been able to get any data on it.

RIO might discard NorthParkes copper mine - that would provide growth and use the $750m. That mine meets all the criteria.

Like you, I am getting concerned that there is currently no tangible growth plan.

HT1