MontyUnder the Joint Venture Operating Agreement (JVOA), the raw...

Monty

Under the Joint Venture Operating Agreement (JVOA), the raw data is always available to all the joint venture members.

The key is how that data is interpreted. In most cases, companies will have their own internal expertise to review the data and make some forward plans. Irregularly, the joint venture will get together and present thoughts and ideas and look at the pathway forward. This is especially crucial in times of key decisions, i.e testing, coring and logging etc. The joint venture operator will play the key role in all this.

Normally this is not an issue for disclosure, as all companies will all adhere to their own internal disclosure requirements in accordance with ASX rules. Clearly what is material for MIN will be a different and higher hurdle than say NWE. The JVOA usually speaks of agreement amongst the parties for public disclosure of data. However, the ASX requirements will always overrule the JV in this case.

History will show that this has worked OK for the past relationship, but assuming the existing board and management will exit shortly, this may become an issue for us all.

I hope that helps.

AL