Newcrest Mining digs in for M&A talks, page-52

if you redo that comparison chart to show 3 year time frame or more it will show that NCM has underperformed significantly. The underperformance is no doubt due to production ounces declining - however one could argue that is temporary and is in the process of turning around. NCM has a truly massive reserve base that has not declined over that period. on a relative value basis I think NEM is getting a good deal. I also would be happy to be a NEM shareholder - well run company and great proxy for gold price. I just think NEM needs to sharpen their pencil on this one...