Ann: June 2014 Investor Presentation , page-13

To me they are over-capitalising on exploration tenements which are too far off in the never-never. If this is to add value in a takeover scenario that's all good, but anyone taking over AGO would face the same issues of lower quality ore, falling margins, increased transport costs and a high level of segmentation (hence duplication) due to production from 4 or 5 minesites. Catch-22 - takeovers happen on rising markets when prices are high, not on falling markets when there's no margin.

I wonder if KB's headspace is still in gold, where you can put production from even the biggest mine on a small plane and fly it out each week, and have no infrastructure away from your immediate mining operations.