why no comment?, page-29

Jantimot, why mine at the 2.5 million ounce rate if you know a big proportion of it is going to end up in a stockpile awaiting crushing by a ball mill? That's poor cost control and would have lead to CCU spending more money! That stockpile of oversize represents money spent digging up the resource. It will also cost money to double handle that stockpile and put it through the ball mill.

My decision to participate is based on a couple of aspects:

Magna believe that 13 cents is worth paying and will take all the rights that holders aren't willing to exercise. Magna are in the business of investment, not running mines so I don't think they will go down the takeover path (unless they have a willing buyer) It's not their core business.

Production for the month of April, as indicated in the BRR interview, was a record for the process plant.

Cash is king and now CCU have plenty of it, with minimal development costs remaining.

At an IGV of $2 an ounce for the Reserve (25 million ounces), the valuation of the company should be $50 million, and that doesn't even take into account the additional ounces in the resource category.