typhoon in philippines, page-17

Thanks chuk

It is interesting how different valuations/target prices are derived.

Ord Minnett assumes a longer term POG of USD1300, and that they do meet the 200k ounce pa output target, on which their most recent target price was reduced to just north of $2.80 following the 10% share dilution.

It is the POG that worries me the most as far as goldies are concerned. I think the POG can get a fair bit lower, so I will try to spare myself the pain of holding until I can see it finally having bottomed. I will miss out on the best prices but have sounder sleep.

I expect MML to be one of the survivors in a low POG environment. Government tax take and management capabilities are my other main concerns. The CEO and the CFO get pretty huge paypackets for their efforts, somewhat absurd as far as the CFO.

loki