I maintain the belief that they must reduce their cash burn....

I maintain the belief that they must reduce their cash burn. Every dollar they save makes it more likely they will stay in business. Simple math.

Lets look at some of the positive recent developments. Avebery has finally been put on care & maintenance. 135 contractors were removed from Century and an additional 35 at Rosebery. CAPEX spending has already been reduced at some mines and operating budgets will be trimmed. Prominent Hill will start generating revenue in early 2009. Provisional pricing repayments are up to date in December, with major one-off losses on copper and especially zinc exports being included, where the spot price fell from US$0.80/lb in late September to US$0.50/lb in late October, nearly a 40% fall in the space of a month on our largest commodity revenue stream. The $US/$AUD exchange rate has increased, thereby reducing the gross debt when converted to $AUD, as the majority is held in $US.

Obviously more action is required but none can happen unless OZ can steer themselves through these refinancing negotiatiosn and proceed to sell assets and issue more capital without the cloud of liquidation over their heads.