late run, page-21

re: merging mid tier company by 2008 i would imagine a soft financing arrangement from toho would be expected to fund SS similar to previous deal to fund cml decline.

it is a cheaper, more flexible option to debt and everyone wins, especially the offtake partner...toho, presumably, as they secure zinc supply in an anaemic market.

SS will pay itself off within about 8 months at current zinc prices.....pulled that figure from memory so not sure how accurate it is but it's pretty close to that.

agree cbh will be a major base metal player over the next few years providing they don't get swallowed up themselves. at these prices, cbh is a tempting takeover target as the market is not valuing the growth prospects let alone the imminent cashflows.