Xstrata is not the most transparent miner in the global...

Xstrata is not the most transparent miner in the global market.

Its historic exploration success is not exactly mind blowing for what it is worth....

Then look at the overall game plan around Mt Isa. It has a finite mine life at it's main game underground at Isa itself, plus some added concentrate from Ernest Henry.

The twist in the equation is the open cuttable reserves at Isa. To access those reserves you effectively have to start closing their copper and lead zinc shafts as both shafts impact on the open pit designs for the 150 m/t of copper ore.

If their regional exploration programmes cannot identify mega orebodies they may well advance the open cut option. Look at recent reserve statements coupled with smelter capacity. It will not happen overnight, but may take 5 plus years to consummate.(Note. Xstrata has serious environmental obligations on it's Isa operations going forward. Chimney stacks et al>)

The Rudd regime uses its own spin. Others use theirs for their own purposes.

The double tax still sucks in my opinion, irrespective as to whether the spin is a googly or not!

Cheers, TAS