trading halt, page-9

Hi nokk

I think you are right about the sale being substantially bigger. I also think that the timing is important which is why I lean towards a sale of assets to BHP....in the AFR on Tues Jamie Freed and Lucille Keen had an article headed BHP has Olympic hurdles to overcome. The essence of the report was that the SA Gov have told BHP that the expansion to Olmpic Dam is basicly a USE OR LOSE it project. There is no inclination by the SA Gov to extend the approval past Dec 8th as to quote the article..."If it didn't go ahead the outlook for SA would be relatively flat in terms of engineering and construction profile and economic growth as well". In other words SA have done BHP a big favour in giving the approval before they changed Premiers and now they expect BHP to hold their side of the bargain. The project is critical to the health of the SA economy not only for work in progress but royalty income as well.

I therefore think that BHP are working hard to line all the ducks up to ensure that the Board give it the green light to proceed. Purchasing leases in the region are all part of the process and that is why I am pretty sure that theses are the assets refered to in the TH ANN.

kippax