Before this presentation I had in mind a number of things I...

Before this presentation I had in mind a number of things I wanted to see. My key takeaway points are as follows:

1.Share Buy-Back Program: Run over the next 12 months with up to 15m shares (or 10% of the outstanding share capital) to be potentially bought back. I like it.

2. Special Dividend: I would prefer to see a large portion of the cash retained for investment purposes so a modest $0.035 special dividend seems appropriate. I was concerned it might have been bigger.

3. 3.5 x return on Pani: It needs to be said again that this was actually a pretty good result when you consider due to no fault of their own they nearly lost the asset. What of course took some of the gloss off this result was the timeframe (over 10 years).

4. Private Company Investment: "Targeting Pre-production mining investments the Equity Market Can't". This is a really important avenue to making above average returns which simply isn't available to the typical retail investor. Significant returns can be made in taking these companies public. I have always found this appealing.

5. Australian Focus: This acknowledges the political risk factor which has significantly hampered some of their more recent investments. While focusing on Australia makes it more challenging to come up with attractive assets (in my opinion), it does alleviate the risk of asset theft, lengthy delays and financing concerns. We are presently seeing more nationalistic behaviour around the globe and consequently more instability, so a domestic focus makes sense.

All in all I really like what I have read.