One interesting thing if we move into a full-on gold miner bull market will be the valuation gap between the Australian and African based companies. In the post GFC period many of the African plays traded on similar valuations to their local peers. In 2011 Perseus was close to a A$1.5 Billion market cap pre-production!
I think it's probable that location becomes less relevant in a bull market.
One interesting thing if we move into a full-on gold miner bull...
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