THE SQUEEZE IS ON, page-1118

It's always hard when the ducks are quacking and valuations are increasing.

We paid $1.3 billion for Summit Resources when the ducks were quacking in 2007, which were just deposits.

PDN could add value by upgrading their proven resources at LHM with more drilling, and there's also talk they can upgrade the crushers to get better throughput and efficiency. When you have strong cash flow, working your current asset portfolio almost makes more sense.

Why not look to develop Michelin and diversify?

It would be nice if QLD or WA overturned the uranium ban, and we could have a good crack at Valhalla and Manyingee to become Australia's leading producer. With the way uranium is making a comeback commercially, that could happen in WA or QLD if there is a business case.