Ann: Investor Presentation, page-16

There's no doubt that the PNG location represents a significant risk. KSN would be trading at multiples of the current value if the ounces were all located in a friendly jurisdiction like Australia. The real challenge is, has the risk been priced in correctly? The technical risk is pleasingly low; the previous successful operation has demonstrated that IMO.

If KSN turn Misima into a functioning operation the returns will be excellent based on the current SP. The PNG government may well be a challenge, but it's certainly not in their interests to stop the project going ahead. I'd be more worried about them trying to squeeze money out of it once the investment has been made and the operation is up an running.