Model Updates
--------------------

The following models have been updated for 2003 actuals and the forecast period extended to 2005.

Black Mountain
Black Swan
Bulong
Cawse
Cerro Matoso
Cosmos
Falcondo
Forrestania
Kambalda
Lake Johnson (Emily Anne, Maggie Hays)
Leinster
Manitoba Division
Mt Keith
Murrin Murrin
Ontario Division
Pomalaa/Gebe
Raglan
SLN Mines
Sorowako PT Inco
Sudbury
Tati Nickel Phoenix & Selkirk
Voisey's Bay

Nickel Cost Curves (1998-2005)

Model Corrections
-----------------------

The Soroako (PT Inco) model was consistently under-estimating ore drying costs
because it assumed the dryer fuel was natural gas when in fact it is fuel oil.
We have corrected this and adjusted the Inco Ontario Division and Manitoba Division
models to stay within the envelope of Inco reported Ni costs.

***** This counts as a model error. *****

We accordingly invite anyone who has downloaded an Inco model to download the
corrected versions at no charge. This free update also applies to the nickel cost curves.

Minecost at SME 2004 and PDAC 2004
--------------------------------------------------

I will be attending SME 2004 in Denver later this month and PDAC in Toronto in March.
I look forward to catching up with minecost users and subscribers at both meetings.

See previous reports and updates.
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