when in doubt

When in doubt re do the numbers!

Beltana coming on line, on the last quarterly there was 16300t of zinc stock piled ready for Dec qtr shipment.

also they produced a further 1934t of zinc, with marketing looking at opportunities to sell.

$111.7mil in cash as at 30.09.07.

PE of under 6! (CBH is at 9) Forward EPS of 60cents. This is cheap!

Got put options over approx 50% of forecast lead sales to june09

Minimum achieveable gross price
of A$3316/t on 30221t for FY08 (current spot 3305)
of A$2666/t on 38701t for FY09

Zinc forward contracts
of A$2466/t on 18000t for FY08 (current spot 2544)
of A$3768/t on 16246t for FY09