no brainer, page-2

Agree with you Hobnob,

Ive spoken to John Young (Marenica Energy CEO) as well as a couple of other CEOs of both U miners and producers and the common answer is its not the spot price thats important (currently $40) its the longer term more stable contract price which determines whether to start an operation and at the present time these are closer to $60 and have been for some time now.

Mines take a long time to plan and commission and they are hardly going to base a multi million dollar on a volatile spot price which can move on a whim.

It likely that MEY will first agree an off take / supply price agreement with a processor/end user (most likely Areva given the proximity of Trekkopje) before a sod of earth has even been moved. I won't rule out interest either from the likes of \kepco given that the infrastructure is excellent (access to major roads and a deep water port on the coast).

If the scoping study posts an opex figure in the low $30s then I think we are seriously in business.

D