how does medusa compare?, page-2

Good observations, Mike, about desire for clearer proven and probable reserves estimates. One point about the dividend, though. You said: "Meanwhile i still expect MML to maintain the 5c final dividend despite lower Au production."

Actually, Au production has been rising (not falling) since the previous dividend. Production for July-Dec 2011 was only 27k oz due to the work being done. Production in the Jan-Mar12 quarter was 18K oz and the forecast is for 25k oz in the Apr-June12 quarter. Even if the June12 guidance is overoptimistic, production should be more than 50% higher for this half year than the previous half year.

The only other dividend issues are the amount of gold sold, price sold, and cash and total costs. Based on recent quarter cash costs and recent gold prices, I estimate that MML has 3-4 times dividend cover.