Ann: Diggers & Dealers Mining Forum Presentation, page-18

00 - I would usually agree with this train of thought, but... I slowly realising, that... the best teams (I mean, there are very few of them), are capable to acquisitions even during development. CAI has so far, proven to be one of them with Blue Spec. The second I have seen in recent times is CMM (and their recent purchase of Mt Gibson gold project). I don't have a long list of other examples...

In the past, I was more open to taking on more risk with less... proven management and their projects, however, after many failures, I continue to simply reduce the amount of stocks I hold in the development space (the positions are larger proportionally), to try and minimize capital losses. I almost 100% of the time, lose capital in developers. Not proven producers, not explorers, just developers (just my personal experience though).

So few developers in the gold space, at least until recently were able to achieve any of the benefits your mention (dividends/profits/share price appreciation). Luckily, this has started to change, with only the best teams actually building projects and bringing them into production.
Though, in most cases, plants are built well... the projects almost 100% arise from the mine plan, lack of grade control, inability to fill the plant, processing issues etc. All the due diligence that should have been done, picked up and planned for, still falls through the cracks of less than stellar teams.

Not sure if you follow CMM, but... whilst its early days, they have.. it would seem been able to get into production, and become profitable (not yet declared commercial production though, at least officially) in less than a month from first pour.
I don't feel I am cross promoting, as CMM is much more highly valued than CAI, hence, my larger holdings in CAI, but... if CAI were to emulate CMM operationally etc... then, we are looking at hopefully, a serious re-rate.