Why NST could be massively undervalued at current prices...., page-14

Pros, AISC of $1050 forecast was for production forecast rates much lower than than realised, thus 'materially' more production with only minimal extra costs means AISC will have fallen dramatically. Similarly, with Jundee AISC. Production is above forecast and with the knife out culling some dead wood as with the other mines they bought, will mean further cost reductions. And remember some of these cossavings were achieved in spite of earthquake disruptions.

I see AISC to fall WELL below $1k/oz this year if nothing untoward happens. Rising unemployment rate, high A$ (helping curb energy costs) whilst limiting A$POG, should help with costs.

Regarding dividend, Purchasing of mines will keep a lid on cash in the short term, so I'm not expecting much this year, but in the past NST said they expect to pay 33% of their profits going to divvies. Expect that to resume in the near/medium term.

Other potential goodies could come from Ashburton (IF POG keeps rising), unexplored JV tenements with FMG. And realising the coal discovery (NST said they were going to spend $2m to further their exploration in this area. We've nothing since).

Barrick got anymore goodies to sell??