the true picture, page-4

Well...makes no big difference anymore. 13 cents or 16 cents with an average cost price of 75 cents makes no real difference.

I can wait....have no other choice.

I think Perkoa is crucial! If the environment changes then I do not believe that the zinc supply will pick up substantially. Means that the zinc price could stay fairly stable on current level....and this - in the case that underground mining is profitable - might then stabilize BTR overall.

With regard to Kitumba I think that BTR can apply for the Mining lease indifferent of the fact that they have provided funding for the project or not. As I also understand the mining license is valid 10 years and can be prolonged by another 10 years. Plenty of time to wait for the next copper bull market.....however....to be in the position to wait you have also to be in the position to survive.

Nest economical data from China due tomorrow. Who knows...maybe everything different again then.