Ann: Quarterly Report March 2013 , page-59

horse,
i don't think it's as black-&-white as u describe it. The world economy is undergoing serious ructions and it could (likely imo) develop into turmoil. The severe swings in POG is an example. So delaying Bang... provided the decision is not last minute... will (imo) tell shareholders that coz Co-O mine is more profitable (per oz produced) AND the CAPEX is complete... the company has decided to delay (not cancel) the development of the proposed open-cut mine nearby. One thing is certain. The cost of labour is falling, and this trend will accelerate in my estimation. Hence, any future development will be cheaper as dateline is pushed out. The exact opposite of what has occurred during the past 12 years as world experienced an unprecedented boom in metals and bulk materials such as coal and IO. Look how the 3 massive LNG projects in Gladstone are being built right at the top of the cost curve. Had one CEO decided to defer for say 3 yrs many billions will have been saved in erecting their plant. Great for LNG workers, but bad for LNG shareholders. Hence, my preference remains to delay Bang and return to paying divs to shareholders. MML management's credibility depends far more on meeting production target of 200,000 ozs in FY14 from Co-O mine. Bugger that up... and watch a savage reaction from shorters as funds exit the stk. Buy.