Expectations, page-79

I certainly did and unfortunately their question time was too short with only 2 people able to ask questions so didn’t get a chance to ask mine. They are trialing a lot of changes (without comment on whether it will be successful) and will work on each modification individually and according to them that could last until the latter part of Q2 - and in the meantime they will be producing a sub 50% Zn con with high impurities. The lead is not going away - the original century mine produced a separate lead concentrate which brought down the lead grade in the Zn concentrate - unless they bring this circuit I expect that it will continue to be a problem. 

What they are currently producing is not a premium brand concentrate - not at all, it is still ‘comissioning grade’. Re the no penalties on lead if they are paying US$300/mt in treatment consts on the spot market (vs $50/mt during 1H last year) this can certainly compensate for not including penalties.

Ask yourself the question why do they have to sell to Europe (where the company is on the hook for the freight) if this is a ‘premium brand concentrate’. There are 2 zinc smelters in Australia and dozens of zinc smelters in Asia. Wouldn’t you sell to all the nearer smelters first and save on freight costs? Unless there is another reason why a number of these smelters can’t take it?