hope u guys bought plenty, page-5

there seems to be this consistent view that there will be a dividend in the next 6-12 months which I believe is incorrect. mre has approx $250m in the bank, and could be expected to make approx $150m profit in 2010. of that $400m I expect that in 2010/2011 mre will restart the suspended heap leach expansion project ($300m) and will need $50-$100m for the major shut later this year. there will be little, if any, left over for dividends. i am not expecting any dividends until 2012 earliest, but they should be good when they come.