pt up sp reluctant, page-20

PLA have said production targets at Smokey Hills should be reached by end March 2010. I do not see that the December quarter production will have a significant effect on sp unless it is significantly better or worse than the last quarter.

As for Kalplats I think it for certain that funding will be required. I would see Equity / Debt on a 50:50 basis as the most possible scenario.

Unless there is something really nasty I see the downside limited here (0.85-0.90 range). Actually I would not mind this as I will top up at these levels.

BR
Max