AGM excerpts from our CEOThese were made during the review of the previous year's activities and provide some sense of direction moving forward:
From our CEO’s address at the AGM.
The board of directorsand executive management will meet later this year to make thedevelopment decision. Once the FS is released there is a period of time forNewmont to review the FS ( 90-100 days ) , discuss it with Shore then speak onthe way forward.
Project financing – all options are on the table. Whendecisions are made they will beannounced in due course. Shareholder value is the top priority. In the event ofa positive mining decision planning for the future must take place this yearand procurement of long lead items will be prior to this plan.
Massive comeback in diamond prices- The diamond marketanalysts are in complete agreement by stating that what we’re looking at is acomplete underestimation of the influence that Chinaand Indiawould play on rough diamond prices.
The smart money has started to realize that developingcorporations provides a better opportunity for investment now . We’re starting hear from a lot ofdifferent investors and the diamantaires are coming forward to talk with thecompany . This is leading to other opportunities. As we move forward followingthe feasibility we’ll start to move on some of those opportunities.
Why is is it taking so long ? Shore has been involved indesktop studies for some time during Feasibility . You have to be extremelycareful with technical information . A number today may not be a numbertomorrow. A massive amount of work by consultants and contractors has lead tothousands and thousands of pages for the FS and other documentation.