How good is the quality of MIMs asset base?
A. MIM has large, good grade mineral reserves and resources, with long mine lives and competitive costs. In September 2002, we announced that at Mount Isa and Ernest Henry, we have known resources to take the Mount Isa production of copper forward for up to 20 years at a rate of 400 000 tonnes a year, and the increases in Resources announced in February 2003 strengthen that position further. The company’s Reserves and Resources of zinc – at McArthur River, George Fisher and Mount Isa – are among the largest in the world. MIM’s coal mines are among the most productive in Australia. Exploration has resulted in significant increases in Reserves and Resources of both coking and thermal coal in 2002/03 at the existing NCA and Oaky Creek mines. Reserves and Resources at the proposed Rolleston thermal coal project have increased, with resources now standing at 600 million tonnes. The Wandoan thermal coal deposit contains resources of almost 2 billion tonnes.
