ubs rating 27 march 08, page-4

Hi bilbar,

With the high copper prices and Uranium prices , do you really believe that the biggest copper mine in Africa is not going to make some good profits.

And besides the above, how sure are we that EQN has to pay this tax.
I for one do not believe everything I read in the media and will wait till the management from EQN is making a statement on the situation in which they confirm that they will have to pay this tax.

Also remember that the BFS was done at much lower copper prices as we have today.

The current price weakness imho is because of the expiring warrants , overall weakness in the market, and the Opes prime and Lift issues.

These issues will pass and there will be plenty upside for EQN from both the copper, the Uranium, and exploration potential.

And ofcourse the ever lurking take-over scenario that certainly will stay attached to this world class copper mine.

Since I keep this share to see the company going into full production, daily fluctuations are not much of a worry, but I see them as a top-up opportunity if they go down too much.

Good luck and do your own research as I could be wrong in my opinions.

jojo