Cash Flow @ Spot Price, page-11

Hi Ned,

I agree with his view to focus on near-term producers as speed to market is crucial, but more so for those higher on the cost curve. However, I would go one step further and focus on those actually in production,with great management, have high grades, are fully funded, are low on the cost curve, have free cash flow, cash at bank, and focus on the cost curve dividends.

I agree with you and also think dividends will enhance the valuation, not by a bit, but by a lot. I guess it depends on how much yield one needs in a global environment of record-low interest rates. Check the dividend matrix that I posted some time ago.

All the Best,

Pihrana