Ann: February 2015 Investor Presentation, page-3

Easy to make it look good on paper. It looked great in 2013 before the Asmar RC drilling debacle was exposed. The use of RC holes in a resource estimation was again proven to be a bad call in Indonesia.
Implementation is the key to what I still believe is a marginal mine under current pricing and the lack of Indonesian experience of the expats involved.
Some of the C3 costs are very high in the pits.
A lot of water needs to come out of Berenai.
However, if they can get the UG going at Belinau in a timely fashion Dewatering is required 1st, then they may be ok.
But the illegal miners are still loitering waiting for the pits to be dewatered. So they're not out of the woods yet. How the inexperienced team manages that only time will tell.
I am usually a glass half full guy but this one remains a huge challenge and half MT