new presentation, page-32

To a large extent MNC are a classic victim of the prevailing economic climate. The majors like RIO, BHP and Anglo are all shelving capex and cutting costs on existing projects. There is simply no money around for small explorers on the cusp of transitioning to producer status. Global financial shocks like the GFC are not forgotten about after 5yrs...the hangover can last for a decade or more.

In my view we need to be extremely patient with this one. The economic wheels are turning slowly, but fortunately in the right direction. There needs to be a return of confidence in capex plans, M&A and general market tone before strategic partners look to get involved in the likes of MNC. I'm in the 7 figures holdings now as I'm sure many of you also are, and although I can't keep averaging down forever, I am prepared to hang in for the long haul on this one.