re read march quarterly, page-11

Hi imho,

I am very much an investor – I see current movements as points of opportunity, nothing else.

I know we have all been trying to compare AND/PRU, while this has a lot of merit I don’t think it’s the best comparison to use: EQI and PRU are blindingly similar…

I don’t have time atm but over the coming weeks I’ll try and post a comprehensive FA on all three and their cycle stages.

All the best
LSM

PS EQI didn’t move until Lihir showed up…question should be: would EQI have reached the same valuation or more if they had of achieved production without the t.o from Lihir? I would say yes, and more.