Ann: Investor Presentation , page-7

hi - agree its a way off, but that can be reflected in an npv valuation, which the company kindly supplies on slide 31.

the coal asset is a side-show, good to have, but a distraction.

this presentation smacks of a company either about to increase control of its holdings in peru (which it has an option to do) or fearing that if they can't deliver this value to shareholders someone else will come in and take it out.

re the options remember shanker madan (who we rate very highly) recently had options granted to him with exercise prices of $2.50 to $3.25. incidentally the largest component of his options package is struck at $3.978!!!!

hopefully that leaves you in little doubt as to his view.

best,

hgo