update out, page-22

Sydneys post: AUD to fall...

first off, I dont place too mush stock in anything I hear from a prominent European economist given the recent track record, but giving him the benefit of the doubt,..

Well most of the BFS numbers I see in companies forecasts these days have ~85c to USD so its not unexpected in the financing circles. It might be news to those buying cheap things on the internet from o/s but it is "planned for" in the banking system. If it stays higher against the USD, well then it does, simple, but one assumes thats becasue commodities stay higher as well... sort of no net change in my view to an Australian producer. He is hardly saying anything special and if it stays high it is likley based on strong China/rebound USA in which everyone is happy and no one points the finger. No risk call in my view.

Either way, changes in FX over time of this magnitude (to below 90c USD, say call it 85c) should not make or break a mining operation by themselves. Either that or the IRR% justified was too low for investment.