Ann: Resource Upgrade Koki Ekwai , page-7

Hi IFINO ,
I agree we have to factor in some country risk (though the share prices of NCM, OSH etc show the market doesn't view recent events as a serious threat to operations). Also we have to think in NPV terms, there's going to be large capex and it will take some time to develop. Nonetheless it seems increasingly likely that it will be developed, and will have very low operating costs when it is.

HIG's share of the resource is now over 500 MT, and close to 15 MOz Au equivalent of contained metal. Ignoring Ramu etc, the market is valuing them at just $6/oz.