projected ozl revenue based on todays prices, page-14

Dasa,
I use Goldman Sachs copper assumptions for 2009/10 and 10/11 of 2.18 and 2.64. I use the 2.64 as the base and factor in 4% growth in the copper price per year. I am also factoring in a 4% increase in costs per annum.

The 9.88% could be a little harsh I agree; but it is not the driver for the valuation.

At 9.88% sp = $1.12
At 4.94% (ie half) sp = $1.37

Based on the model, the drivers appear to be

a) mine life of 10 years.
b) POC
c) Copper sales per annum (currently flat lined at 100,000t)

Agree with your comments on upside. Just add a chairman who has said he will resign within a year.

HT1