Looking at the last announcement, a couple of things stood out...

Looking at the last announcement, a couple of things stood out to me.

1. The decision on dividends won't be made until June.
2. THere were losses om Foreign Exchange. Not as big as I feared, and they are spreading their (should that be our) currency holdings.
3. THe current tax credits is $591million
4. There is a small but significant increase in exploration effort
5. And the last but biggest for me was the size of the profit from Prominent Hill in the second half of last year.

Seeing the full picture this would imply that if current production levels are kept, crrent price of Copper etc, then the Tax credits will be largely erased this year, meaning franked dividends could be paid. This is about a year earlier than I expected.

The size of the 2nd half of last year profit also confirms the NPV that HT has been suggesting is close to the mark.

Any other thoughts.

Regards