trading on a pe of 4, page-4

The 2007FY actual PE is 4 with a 5% yield.
Forecast PE's for 2008 and 2009 range from 5 to 10 depending on the broker. You must agree that when you factor in the development pipeline, the exploration upside, the cash on hand and their currency and metal hedging practices and that fact the share price has retraced near $4, that it represents outstanding value at the moment. You are right about Macquarie, they are probably buying up at the moment. Ill be buying more in the low $2 mark if the opportunity presents itself.