Thanks Grahod...its great to hear confirmation of PH...

Thanks Grahod...its great to hear confirmation of PH commissioning.

PH and its workers are the sole thing saving this company from the executioner bankers.

OZL and its refi saga will be a Harvard case study one day.

PH is now a cash cow thanks to you, Denben and the others out there on mars, all we need is that cold hard cash to come in from sales. Even if my EBITDA number of AUS$600m for 09 comes in the $300-400m range, thats still excellent.Capex must come in at $150m-200m or less for 09.OZL Budgets should be halved, debtors pushed back on premium, receivables called in on discount, salaries cut drastically for 18months in the executive ranks for a start. But better than workers losing job or contracts no ?

This company is very solvent, its assets are worth in the worse bear market in History still 2-3 times its liabilities. It has a liquidity issue for 12 months caused by a combination of the GFC and mismanagement but the banks should be ashamed of themselves for not refinancing, being possibly misleading in their refi commitmments during 08 which likely helped lead a very arrogant AM to spend like a Michelmore (just coined that term) when he should have reduced debt, canned capex and closed a few mines and not destroy the company and shareholder wealth with >$1b in a nickel acquisition.

Even with a goose as CEO, the banks could caveat him, with some spending, capex, margin, coverage caveats and other financing conditions with triggers and of course with added risk premia but the refi would be done as PH 100% moots all of the banks finance arguments, i assure you.

Cashflow, debt serviceability, production levels being the main unknown...I would think 60Mt at PH is achievable in CY09 (what do you and Denben think Grahod??), but 80Mt may be stretching the friendship but that should still give US$120-140m FCF from PH alone in the worse case. OZL is therefore 100% Financeable.

Michelmore/RBS/HBOS are the major reasons for this saga and NOT because workers like you and the many other at PH and Century etc who are doing a really great job that shareholders like me greatly appreciate.

Peace and have some of that "westend" camel slop on me, but im sure you can get a cold carlton draught up there somewhere right ? ;-)