Ann: Becoming a substantial holder in GDO by DB G, page-10

re: Ann: Becoming a substantial holder in GDO... Gold has gone up by approx US$400 per oz since the Rand deal was signed. If they can get total costs down to US$1000 per oz, they will now be making US$135 million pa before expenses & tax at the Rand operations.

As for Modder; net cashlow over the last quarter was approx US$16 million on 28koz production. At 34koz per quarter US$132 million pa cashflow @ US$1900 per oz, which may equate to after tax profit of US$70-80 million pa.

So, in summary, they could be making after tax profits in the order of US$150 million at todays gold price & with Rand operations optimised.

Then there's uranium, Ventersberg and Goliath.

No reason to sell now imo.