Brilliant piece of forensic analysis. Logic would then have to dictate that given TBR's cash flows come from the same mining operation (and it has no other) then NST 's cash flows from Kundana are also going to have run at a loss. The fact that TBR doesn't monetize all of its gold production will be the reason.
IMO NST only has two low risk longer run assets, Kundana and Paulsens. The other mines are potential long run risks to the company. Until NST can show that it can consistently run at guidance IMO it does not justify a plus billion dollar price tag. The market doesn't agree with this at the moment because it is too busy running to the bugle call. That's how money is made on markets nowadays.
Good luck with that.
Eshmun
NST Price at posting:
$1.88 Sentiment: None Disclosure: Not Held
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