Received 2002 annual report for PMA last week and things sound...

Received 2002 annual report for PMA last week and things sound like they are starting to heat up. 2003 report due out this week and AGM set for mid December.

It appears settlement has been reached on all the bum fights although I would expect a little fire to rage at the AGM.

The future looks interesting with the price of Vanadium reported to have increased significantly since Windimurra closed.

With the price of nickel at current levels and with the likelyhood that will remain for some years Vanadium is one of the metals that has some substitution potential. Also with steel production in North Asia at record levels one would imagine the demand for Vanadium should also be affected.

Does anyone have detail or can post current chart for Vanadium price, also current status of Vanadium battery installations and usage levels?

Lastly what is the current stutus of the mine? I can not see a permanent closure being allowed by the Governement after the amount of infrastucture provided as an incentive to set up the mine.

I hold PMA