For the Net Cash Flow, when looking at the 2013 FS, our 25% would generate 104M per year with an exchange rate of 0.97.

When using 0.80, this roughly doubles all the numbers, therefore would bring to us 208M.

Finally, I'm assuming that the recent improvements would offset current lower metal prices and still increases the cash flow (estimating 300M per year), because at the end, if the net cash flow is not better, we would not have said that we found better ways to do the economics right?

MoneyK