Ann: BofA Global Metals,Mining and Steel Conference Presentation, page-15

Not sure I agree with you about the dividend.....This company has just done a cultural transformation in the last 12 months.
Before this, the company was acting like company in its maturity. Mature companies tend to be high dividend companies.
This deal is effectively saying to the market, we are ready to shake off the mature company tag a just a little.

They are looking for cashflow for growth now as opposed to focusing on just punching out dvidends on a dwindling Life Of Mine resource statememt.

The reason why I say a "little".......is because although this new asset is highly priced, it is reliable and profitable.....which comes at a price, but also it has t he blue sky potential....

What else in this world is reliable .......... Bonds......... the price your paying now for 10 year bond is around 60 times price to earnings...

the safer any asset is the more expensive it is..........

This is a great safe asset that is reliable = typical Regis style - but its got the blue sky as well.

The company wants to be more growth orientated with stable cashflow assets to fund that growth. For me, I don't mind paying a bit more security, if it funds future growth. This asset is as much about consolidating a base to take it to the next tier of global gold miners with out the risk of new dig. Mcphils is the future, Tropicana is an insurance policy of that future.