In my opinion the gold price isn't going to solve the key issue. Yes $3,500/oz will help the NPV and IRR, but the key issue is the capex burden - they've foreshadowed 'indicative' costs of $1,055,000,000 which in all likelihood will continue to rise the longer the project is delayed. Given the current balance sheet and reserves available, I just can't see how this gets financed in an accretive way.
Ann: Becoming a substantial holder, page-36
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