I think we should stop using the term "investment", if you...

I think we should stop using the term "investment", if you respect the classic definition.

My understanding of Mt Carlton was that it had a 12yr life and the grades were starting to thin out. It was probably sold for the exact reason GW pointed out, that it was becoming too expensive to run vs the gold they were getting out. And perhaps others decided not to pursue once they did the DD. I think there would have been gaps in the DD and a recommendation was made, or the issues were known and they thought they could make it work - but quickly realised they couldn't.

I'll do some more research as it's interesting.

I also think it's a bit rich that Mr Holland has (paraphrasing) "taken an explorer to becoming a producer". It's one thing to develop a mine and bring it into operations, vs buying an operating asset. Adelong I guess is somewhere in between. Some sort of production experience is going to be required, and hopefully Mr Holland is one to self-reflect and seek expertise where he has gaps.