SOL's annual report is out today,Looks like they are continuing...

SOL's annual report is out today,

Looks like they are continuing to make big bets on Copper

Some interesting snippets in relation to Exco.

Exco have moved up to 5th highest in SOL's Listed Investment Portfolio (as at 31/07/2011), they will rise further as it does not include the blocks they picked up recently.

It is interesting to note they have included a full write up on CopperChem in this annual report.

As at 31/07/2011 SOL had a 52.4% holding in CopperChem.

Following a conversion of it's B class shares to ordinary shares in October 2011, SOL's holding increased to 93.4% in CopperChem.

In addition, SOL has provided CopperChem with funding through loans, convertable notes and covertable loans.
Once the convertable notes and loans covert to shares SOL's holding will increase further, likely to be in the last quarter of 2011.

As at 31/07/2011 SOL's investment in CopperChem was $64.7mil.

Plans are being considered to double the capacity of the already increased capacity plant subject to ore availability.



With $64mil invested in CopperChem (with the convertable notes and loans still to come) and around $23mil invested in EXS (more to come ??), SOL must be getting close to having placed a $100mil bet on Copper, so far.

cheers