Ann: Quarterly Activities Report, page-35

Bothered, of course I am bothered by the share price.... it's been atrocious compared to its West Australia peers. But... the MD knew that the risks would be greater in BF, but so were the rewards (though at this point in time, the risk has sadly outweighed the reward), mainly due to political reasons (in fact... 100% due to it). The new Government is making some very bold changes, including the removal of the French, changing tactics to fight the insurgents (closer term for me is terrorists), nationalizing certain industries (sugar this week). All this has put BF into a very challenging situation (plus the economic challenges like inflation), so... there are big question marks about BF as an investment destination. Though other than the sugar, the Government has actually been very.... steady in it's dealings with business from what I can see.

I did reduce my holdings last year, but still have perhaps 8% of portfolio in WAF, because.... it's just asset rich, so well run and... it gives me exposure to West Africa. The mines if have will hopefully ride out everything that comes into the future (basically two 15 year mine plans!). Let alone if it eventually merges with Orezone and becomes a premier gold producer with 600k+ p.a (though... again, located all in 1 country).

Can I ask for rationale for holding WAF GP?
The rise in POG recently is going to really help the bottom line for WAF, especially in funding Kiaka. I wonder... if POG really flies, that WAF gets close to be net cash throughout the entire development....