my view

I think that the following will provide impetus for a sp rise and rerating over the next six months:

1. USA investors buying in via Depositary Notes ( early Feb)

2.Listing or sale of Nilnav ( March). Not a core investment. Investment by ADY only due to Phillip being the ex Chief Operating Officer.

3.Chile iron ore major upgrade ( Mar)

4. Activity re Pyke Hill/Bulman leases ( Mar-April)

5. Chile actual production/export ( May/Jun)

6. Institutions get on board ( Jun/July.

M/E price projections :

Jan......12c
Feb......15c
Apr.......18c
May......24c
Jun........28c