Will there ba a dividend, page-59

Hi Alex agreed in the last year or two they jumped because the 10cent dividends got people excited. But longer term i have known the market capitalisation to be about the cash backing plus an enterprise value of between 0.5 and 1 times earnings. If I do that calc now (and back the underground project capital out of the cash backing because its money they will spend) then i get a lower number than the current market capitalisation.
Arguably the company valuation should be less than the historic valuation because costs have risen making it more vulnerable. Arguably the valuation should be higher than history. You can debate that point but relative to history i dont think the share price is low right now.