Take over value, page-36

Come on Spludger
Your comment on Gag Island is completely misleading.
You said:

"What worries me about Gag Island is that Falconbridge has withdrawn from the project and BHPB is "considering its options" - not very bullish".

Your saying the project is not viable as to why it has stopped.
Rubbish and you know it.Forrestry is the issue for not proceding.
For someone who never intends to buy AEX you pay alot of attention to it and make some comments that are simply not true.
Regarding the saprolite - the TTS process is designed for the saprolite ores.Do some research on JRV.
The AEX Reno/Perth tests have shown better results for leaching the saprolite with slightly lower recoveries for the limonite ore.Contradicts your statements.

Are we reading the same announcements from the same company.It seems you are deliberately trying to mislead ? The info is in black and white.

The below article shows how wrong you are re Falconbridge.





BHP Billiton, Falconbridge drop Gag Island
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INDONESIA: January 28, 2002


MELBOURNE - BHP Billiton Plc/Ltd said on Friday its partner, Canadian nickel miner Falconbridge Ltd , had pulled out of their Gag Island nickel project in Indonesia.


BHP Billiton said it was now reviewing its options for Gag Island, with its estimated 240 million tonnes of nickel, which had been viewed by the market as one of the company's longer term sources of growth.
BHP Billiton's Australian shares were trading down 0.8 percent at A$11.42 in a marginally stronger wider market after opening at a record high of A$11.59.

Falconbridge and BHP signed a joint venture in June 2000 to consider developing Gag Island, but moves by the Indonesian government to protect forests and ban open pit mining in those areas led to a suspension of the nickel project.

"With the continued absence of a resolution to the forestry issue PT Gag Nickel, the joint venture vehicle between BHP Billiton and (Indonesia's) Aneka Tambang, is seeking a suspension of the Gag Contract of Work and will review its options going forward," BHP Billiton said in its second quarter exploration and development report.