real cost per ton , page-14

albalad I paid as high as $1.70 a share in 2007, lost a lot of money on that. Do you even understand what shares on issue mean? Don't you understand that they have trippled the amount of shares on issue?

I.e when I paid $1.70 a share GBG's MC was about $850million as it has 500million odd shares on issue.

Today $1.70 per share would be $2.533 billion... (in 2007/2008 terms that would be $5.10 a share.)

They diluted the crap out of us. Yes it was essential to see the mine to production, but GBG have had terrible capital management. Hence the resignation of our previous CEO.

This is not downramping, it is facts.

In my opinion Karara was too big of a project for a company the size of GBG. AGO's staged approach was better. FMG was lucky, i.e. right time, right place. Mind you they were the first. And well MMX flopped - too much capital required.