Loki Excellent input and summation of the current state GB How...

Loki

Excellent input and summation of the current state

GB

How could you forget the Syama oxides in your analysis or the fact that open cut mining at Syama has ceased and they are mining the stockpiles?
Likewise the Mali 20%FC isn't factored in until repayment of the initial investment, which I believe was considerable - north of $300M. Royalties are the only major impediment.

As for Bibiani, I did say it was third on the list and likely a few years off.

If talking U/G, its about tonnes or ounces per vertical metre. Grade is not a valid bench marking metric.
EG. RSG's Mt Wright is only 2.3 g/t underground orebody but they have managed to consistently make very good margins via their cave mine techniques (6 months to 31 Dec 15 AISC US$822/0z). This on only 1.3-1.5 Mtpa throughput.

1.2Mtpa throughput at 3.7 g/t at Bibiani in the future should be very doable.

Syama is obviously the jewel in the crown and by next year they will likely be mining 2Mt @ 3g/t from U/G applying the same cave techniques they have so much experience in from Ravenswood. This for 10-15 years!!!

My feeling is that Ravenswood will just ramp back up to a ~5Mt open cut proposition by October 2017 with the need for little capital spend and at least 10 years mine life

Bibiani will be the last train to leave the station, probably in 2018. At this stage Syama and Ravenswood will be printing $$$$$. No need for any raising, unless they wish to do all three sooner