Brisvegas - The p/es for producing U companies seem to start at...

Brisvegas - The p/es for producing U companies seem to start at 20 and head up from there. I think your valuation is very much "as it is now" with little allowance for variation. The exploration potential has to be a very real value - we used to have a total resource expectation of 110mlb but it would have to be stronger than that now. The issue that interests me is the production. We have a high expectation that U will increase in price in the next few years and Heathgate could ramp up production in a short space of time to 4,5 or even 6mlb and capitalize on the demand before a lot of others get started. If you start looking at Ags share of 6mlb at a margin of say A$65 and a p/e of 12, you get a very different outlook. A player in the big U picture will take these factors into account.