nice pt pd grades too, page-4

Some fair points on Kuhmo.

Not sure I agree that the share issue at 45c is a major problem. The volumes traded since DFS announcement have been moderate in my opinion, I don't see a lot of evidence of big-scale dumping. There just doesn't seem to be a lot interest from potential new Australian shareholders.

What about the several million AGD held shares, where have they gone? I bet it's to Europe. I expect we'll see more and more Vulcan shares being owned by European investors / instos.