..your comments are not much chop.We agreed Charters Towers is...

..your comments are not much chop.

We agreed Charters Towers is not Ballarat -
it is the equivalent of 7 Ballarats.

Ballarat currently has a book value of between US$107 mill and US$207 mill .. depending if lihir rights off US$250 mill or US$350 mill off Ballarat's initial book value of US$457 mill (Dec 31 2008)as they haven't determined the exact impairment charge they will apply.

So if you settle half way - Ballarat will have a book value of close to AUD $200 mill. - post impairment.

1/7th of the resource of CTO .. yet still has a AUD $200 mill value.

And Ballarat is "hoping" to find new reefs - CTO has the opposite problem - it found lots of new reefs at Warrior West and had to build a new Decline in the Western end.

this has resulted in the production delay... but warrior will go from a 40,000 oz/annum mine to a 100,000 oz/annum mine.