ozl strategy, page-24

HT,

I certainly hope you are right about accelerating C or Munda.

Whilst I do see $750mm as too much (for what we know) I am prepared to be patient about it due both to their discipline with it to date, and to the fact of the recent sizeable CR (and buyback in progress).

I'd hate to see a raid in SFR though, better not to be greedy and get an exceptional return on 20% than to struggle to get a marginal return on 100%, and lose the opportunity to fund something earlier stage or organic.

Actually accelerating C might not be so important. It should grow in value sitting there as technology and economics move in it's favour (as copper grades aren't getting an richer or shallower).

EL