Welcome to the morning of the second day of Minval '89. There are some three hundred and fifty of us here today. That represents certainly the most influential gathering of the mining and investment community in Sydney for a very long time, and on behalf of the Institute I bid you all a very great welcome. Due to the pilots' strike some of you have arrived by very unusual methods and others have travelled long distances. So for those of you that have made a special effort, thank you very much. Inevitably some people have not been able to get to Sydney and this has led to some minor programme changes. I'd like to thank our sponsors. Our underwriting sponsors are Energy Resources of Australia, Neil Cole & Associates, Resource Finance Corporation and Robertson Australia Limited, and to those firms thank you very much. To our major sponsors, County NatWest, I would like to say a particular thank you. County is the lead sponsor for Minval '89. They've :made an important contribution to the programme, and we're indebted to them for this support. We look forward to County's continuing involvement in the programme today. County NatWest is a major participant in the Australian equities markets and a growing merchant banking organisation in this country. It's parent organisation, National Westminster Bank, isa leading UK domiciled bank which is also active in Australia. This session is the Pancontinental Mining Ltd sponsored session, and I'd like to record the gratitude of the Australasian Institute of Mining and Metallurgy to Pancontinental for its generosity in sponsoring the session. This morning's session focuses on valuation and follows on from yesterday's proceedings which looked particularly at the impact of NCSC draft Policy Release Number 149. Robert de Crespigny, who was to have been the Chairman of this morning's session, has had some special problems with the pilots' strike.So we have the privilage to have in his stead Michael Sharwood.