Breakout, page-288

not really, panama. first rule of gold mining investment - high grade and lots of ounces is best. syama is a world class orebody with massive long life potential and probably production expansion. bibiani's not in that league but is still reasonably estimable

you generally trade off safety risk in 3rd world for tax/social licence risk in 1st world. except in a major bull run when all jurisdictions have a tendency to want to strangle the golden goose with extra taxes. gold miners have few votes so a safe target as a sponge for societal greed.

West Australia is a better place - still world class deposits being found, in a 1st world nation - but a sparsely populated state so it doesnt get quite as much overregulation risk

but the bird in hand is king. I cant find a WA based operator at RSG valuations. Though Im hoping my KIN investment may end up finding a world class deposit. But who knows.

NST, RRL and SBM all have great qualities. They are just a lot more expensive on every valuation metric than RSG.

I also tend to regard the 20% govt ownership in Syama as partial risk protection. Though i wouldnt rely on it unduly