uk trade/most at 6p/14c, page-5

re: last now at 15c on the aim I think KG is purely reducing risk to downside BSH.KG was quite heavily levered to the options which is never a great idea unless,as you say,your prepared to loose the lot which can quite often happen with options,and he/she has made quite a nice profit on them.Mind you they've held them for a bit so you cant begrudge them the gain.But as you say if this comes off 6c for the options will be very cheap.

On the UK buying.I have now seen a couple of UK broker buy recommendations above 5p for Gip.What is of interest is the sudden pickup in volume as well as the nature of the buying of which quite a lot is moving up to the sell at around 6p.

Could just be pre cyclic(Dec-Jan) buying I suppose but then we are due some news on that testing which SHOULD have implications for possible finance approval.I know Tas would beg to differ due primarily to the surge in mining costs since the last bfs but 2 of the major costing factors of labour/fuel are very cheap in Egypt when compared world wide.Add this to the concessions given to Gip for Abu D/Nuweibi over the last couple of years and imo other increases in costs would,at the very least,be mitigated.HOWEVER this will only be proven with finance approval imo.

On Sabres continuing little gibes about the EIA.Just have a look at the concern currently being shown at LAF's failure environmentally.All countries,no matter how backward they might seem,are number one concerned about their environments because quite often its one of their major assets and its certainly very high on the local peoples priorities.So to equate what may have happened on the Nile in the past with the environmental standards required for a major mining project is just plain ludicrous.Of course the Egyptians have concern for their environment apart from the fact that any lending institutions are implicit in the destruction of the environment if they dont ensure the project comes up to WB standards.

Gip have done this AND probably exceeded those standards.

But we'll see just whether or not it shapes up to everyones expectations over the next few months I would think.

d.


Holding Gip/Gipo/Aim/Aimo/Igr.