nice dividend -- don't forget, page-2

PT,

At current pog and poc we still have a decent operating margin and operating cash flow.

I should have thought that if the outlook for these was discouraging we'd be much less likely to reinvest as much, hence we might just about end up with similar free cash flow as to what we would have had the pog stayed higher. Besides I doubt our management was banking on anything much above 1500, even if that.

Of course we might end up spending more, because we manage to acquire something worth buying in a more sober environment, but then that in itself would be the good flip side to the current coin.

I reckon our dividend is modest enough to withstand the revenue falls so far, and really we have very little forward capex commitment.

Of course I'd like a return to $4 copper and $1800 gold, but these were the frothy levels that would have us with a $4 sp.

I feel safer with PNA than most miners, but does seem mining has lost it's boom time lustre. Perhaps a time for incremental growth and milking cash flows as dividends.

EL