while he fiddled rome burned, page-15

Hi Mx-

I know it was only a typo but i have never been called vile before.lol.

The continued disparity between OZL/PNA can only be attributed to two things-

(1) analysts continuing to bag us for not having a short term growth profile.

(2) the purchase of Carrapateena in May 2011 was supposed to be seen as a company changing event for OZL but was greated with a whimper by the market and analysts alike because of-

(a) was only seen as a replacement for PH when its mine life was running down and not as another project to take us away from the "one trick pony tag".

(b) The cost of bringing Carrapateena to production was huge and questions were asked about how this was to be funded without putting OZL back into another precarious position, with debt needing to be revisited.

(c) deep underground expensive block caving mining to play hell with our C1 costs.

So while we are seeming to be dragging the chain so to speak regarding our short term growth profile,we will continue to be punished by those very same analysts and the market alike.

ps. our rising C1 costs because of lower grades, underground mining and rising transport costs at PH are not helping to give us a much needed push in the right direction as well.