pna the business, page-7

PT,

Well at the time I guessed that as well as getting a bargain, and stopping mines from closing, that they would come out of the exercise with a lot of power to moderate the peaks and troughs.

I doubt they want to be too interventionalist, and I am sure there is still a test of wills between them and the Wall street mob, but at some point I expect that stockpile will prevent their companies being screwed. They also can't stop buying completely though, as they have supply agreements set at the LME price.

Regardless we have a vastly better margin than we were looking at at the time of the rights issue, and if we gave half the gain in margin from then back the sp has already done that from it's peak.

EL