the directors need to stand up and be counted., page-9

colinchi,

Maybe you should ask yourself where SBM would be today had they not grossly over-paid for two Pacific operations, when they were building steady cash reserves from their Leonora Ops?

"Upgrades" at PNG and Simberi are a distraction right now, there will be little to no value attributed to them by investors if they can't even mine their current Pacific Reserves profitably - which they can't.

Don't make the potentially fatal error of attempting to directly correlate increased production with a better bottom line - if your cash costs are too high to begin with, up-sizing your operation is not magically going to bring that number down.