we have done our dough folks, page-40

A few ideas to consider:

Good -

China was intent on lowering its growth rate and made that clear last year. It has.

India is still growing at 7.9% albeit down alot. Analysts say it will grow in 09.. India imports alot of steel and currently expanding its own steel production capabilities.

Share price reflects money in bank only. SP is poor, however no direct change in management or fundamentals that I can see? All indirect matters besides D+C.

IO deposit size and grade in top few in world. Ultimately worth something more than SP reflects.

Possible -

Vale looking to expand its business with organic growth by 14.2 billion. Peru is on their list of areas to grow. We'll see... The idea of selling IO in Peru has been previously considered by management.

Upgrade JORC of Cuzco deposit to equal AP won't happen until DC case concluded. But presumed to be large.

D+C said to have no case. we'll see.

Bad

- Confidence in SP beaten down by continual selling pressure. Albeit on small volume. Margin calls by investors who leveraged and banks scrambling for cash.

- Brokerage houses timing their BUY calls before world crash and leaving many investors nervous on SRK after loosing so much.

- IO sector not sure if it's bottomed with MGX customers asking to hold off, SDL looking to expand, Vale looking to expand, FMG saying its hard for small players now but we're fine, possible IO drop next year by 20%.


Good bad and the possible. Sure i've missed alot but these are factors that keep me from selling at a loss.