why is oz down today, page-13

2010 cash flow from P Hill using UBS copper price of $3.80, C1 cash costs of 90 cents and 105,000t of copper sold, exploration of $50m and investment in assets of $44m gives a free cash flow from P Hill of $580M AUD (I have done all the US/AUD conversions in the calcs). You could easily pay a 10cps dividend and continue to grow the war chest. In 2011, free cash flow is $500m aud , even after spending $150m on P Hill u/g, but in 2012, it reduces to $269M (Copper returns to long term average of $3 and another $150m is spent on P Hill u/g)

But you could do a constant 5cps dividend every half year for the next 3 years and the war chest would continue to grow. If something was acquired and needed developing or they do Cambodia Gold, that would change the scenario alittle

HT1