valuation, page-22

"so its becomes the way the value creation is obtained and a marketing team wont fill that void. You can try but will ultimately fail. "

Then how do you explain CDU raising $275m at prices from $3.60 to $4.50 over the last 2 years.

If AOH were able to get a 300% premium to the current S/P they would be raising at $1 so there is another 350m shares on issue but of course that's a pipe dream so lets say even 100% premium at 50c so that's another 700m shares on issue and 100% premium to the current s./P looks a long way off.

BFS - I hear you say what bank will lend $350m to a $150m market cap comapny ? SFR did it I hear you say - Pretty sure their 5% copper grades helped and I reckon their Billion dollar market cap at the time and only 150m shares also had something to with it.

I just cant see how AOH can fund this thing and go mining and if the ore feed cant go through E.H I cant see yet another concentrator being built unless Minmetals do it - Obviously they are owned by the Chinese state and the bigger picture for them is supply no so much cost.

Bookmakers are betting long odds on that AOH will go down the Exco road.