valuation, page-67

Thought this maybe of interest. It appears we have/had an oftake agreement with our neighbors, MMG, via Yunnan copper.
From half year report 2006.
"On 25 September 2003 the Company entered into a subscription and copper offtake option agreement with
Golden Sand International Pty Ltd (“GSI”) as agent for Yunnan Copper Industry (Group) Co Ltd (“Yunnan”).
If the option is exercised, the terms of the offtake agreement will be as follows:
i) Universal will sell up to 50,000 tonnes per year of contained copper either as concentrates or copper metal
for a period of five years from commencement of the Offtake Agreement."

In addition.

"On the 14 March 2005 the Company announced it had entered into a Heads of Agreement (Agreement) with
Xstrata Copper. Under the agreement $2.2 million of the Xstrata Copper subscription monies have been
allocated to the Sulphide Extension Exploration Project (SEEP), which will target sulphide copper deposits
below and/or along strike from the existing stratabound oxide copper mineralization at the Roseby Project. At
Universal’s request, the SEEP programme is being managed by Xstrata in consultation with Universal. Xstrata
Copper will also enter into off-take and marketing agreements, on commercially competitive terms, relating to
the Company’s share of concentrates not committed under the terms of its existing agreement with Yunnan
Copper of China."
With that sort of offtake agreement Xstrata Glencore were never going to buy into that.