4th quarter results, page-6

A matter that resides in the OGC accounts is the conversion of convertible notes due for $50 million at end 2012 and $100 million at end 2013. There were probably issued for the Dipidio development. The delay in this project means the first notes are coming to maturity before the project is producing the projected cashflow

The effective conversion price into shares is around $4 so OGC will want to get the share price up to this level if possible.

Another factor that I seem to remember is that OGC does capitalise the substantial stripping costs and then progessively allocate these costs back to production.

The NZ operations do turn a $ but they are high cost and hard work what with relines of the autoclaves every few years slowing production.

Dipido is the jewel in the crown and its performance will control the share price.