Ann: Results of AGM, page-21

After posting the above... I realize I have inflated the profit numbers by a factor of 2 because I neglected to include the percentage paid to the smelters. AIS receives 95% of the value of the Cu contained in the concentrate + the value of the Au and Ag. So a more correct calculation is:-
(3.987 x 0.95 - 3.51) x 2,200 x 24,000 = $10,160,000 [and then + ~$1M for the Au/Ag]... a number which is also in accord with this year's result.

One of the things which decided me to only own AIS is the Cu produced is 'clean' with no adverse impurities.... meaning it is sought after by the smelters and receives the best price. Torrens, although very prospective, is a gamble. If the drill results disappoint AIS will ride that out fairly comfortably [since it appears the market is completely discounting Torrens at this time]. On the other side, ARE will still be an explorer and will have to justify its valuation in other ways. If Torrens returns a commercial result, holding either ARE or AIS will be a winning move.