Ann: Company Insight - Discussing June Quarterly , page-5

re: Ann: Company Insight - Discussing June Qu... Interim insurance payment. There is more to come then? "The 2010 Train One autoclave pipeline failure within the high pressure acid leach circuit of the operation resulted in over 2,000 tonnes of lost production and was therefore the subject of an insurance claim of over $30 million."

The heat exchanger problem may warrant an insurance claim.

Operations recommenced is good. Lowered guidance is sad. Cash position is still good.

Not sure how you could have predicted a plant failure, Yowie.

"Each one cent increase in the A$:US$ exchange rate is estimated to contribute an additional US$0.08 per pound to overall reported C1 costs." Any ideas of the direction of the AUD or a maximum or turnaround level? This is rather negative, having the AUD so high.

Carbon tax is also negative for MRE.