The issue is not really costs. The total costs were OK and a big...

The issue is not really costs. The total costs were OK and a big improvment on the previous quarter. The issue is grade. When the grade moves back to historical averages over the next 6 months then the unit costs will reduce to a satisfactory level.

As to analysts using $2 long term copper prices, this is only a temporary issue. This will be raised over time to reflect a more realistic number.

At $2 a pound you would be lucky to find half a dozen projects in the world that would now get bank financing. The longer these low outlooks remain the fewer projects that will get financed which can only result in a bigger shortage in the future and even higher prices.