I learnt a lot about being aggressive in commodity down turns...

I learnt a lot about being aggressive in commodity down turns through NST. This company had a great strategy while the majors were looking to leave Australian shores. However now that Australia has a more attractive weak dollar, any assets still held by the majors are tightly held. Cadia, Tropicana, Callie, Boddington, Super Pit. NST did well to acquire Jundee but there is no doubt they'll be looking for growth through acquisition as replenishment of reserves and resources gets tougher in their mature assets. For the company to go to the next level, they really need to acquire an established company or world class deposit and risk buying at a high gold price which goes against their acquisition history or grow through discovery in mature terrains, which is never easy. IMO NST are a more attractive investment at lower gold prices where cash is king.