Sounds like they are earmarking $150m of the coming 'cash build' for extensions of two existing mines. However, it doesn't feel like these will increase annual production of ~400k ounces, but rather replace depleting mines.
RRL seems to have the habit of recycling ounces over the years, spending the cash generated from existing production to sustain production going forward and it continues. Shareholder returns has been abysmal for past few years despite rising gold prices, AISC always below sales price and relatively stable production. Hard to believe it has not attracted a takeover at this valuation ($1.55b with ~400k ounces at AISC $2200). Management may be incompetent but that should not be a concern for acquirers as they will take over management. Are we missing something?
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