PHES, page-12

We can only guess. With a two year build time and the huge influence that insane politics has on the electricity industry the bidders are probably going to be cautious. I don't know if its the board or the bidders but rumour has it that there won't be a royalty stream involved

My money is on $20m to $50m tending lower rather than higher.

With the copper price bouncing off an $8500 ceiling its nice to have the lions share of whats to come hedged.

Rumour also has it that the research that puts the $20m value on the PHES is from Petra Capital who I think are the brokers trying to sell Supervised Investments stake. I wonder if anyone has access to that research. Its not on their or our web site.