wmc interview - 28/11/2004

did a search last night of FCN history and found an ABC interview with ANDREW MICHELMORE, CEO, WMC RESOURCES (don't know if he still is) done by ALAN KOHLER.

Here is the interesting extract (http://www.abc.net.au/insidebusiness/content/2004/s1253139.htm).

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ALAN KOHLER: Just one more issue on value - you have announced recently a discovery at Collurabbie of nickel in Western Australia. There's been a fair bit of excitement in the shares of your partner in that, Falcon Minerals, and I have heard it said that that deposit is similar to the Raglan deposit in Canada, both in size and type. Is that true?

ANDREW MICHELMORE: All the indications are. We have identified an 8km strike length. And with the results that you have seen from Falcon, and we have released recently, the interesting thing is contrary to past belief that it was only nickel sulfide you would find in Australia, we are actually finding a nickel copper sulfide with platinum group metals amongst it. And that is quite exciting.

ALAN KOHLER: Someone told me that Raglan is valued at about $15 billion?

ANDREW MICHELMORE: Well, I think it's too early to put a number like that on it. I guess what we look at is, geologists are very excited about it.

But they are working their way methodically through it. We have three very good holes in that 8km strike length and we would have to put a lot more holes into it to confirm it.

But all the indications are that it's the similar rock's hosting of the Raglan deposit.

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