They put $227m in and about $70m left. A huge chunk went towards clearing out all the owing money and tidy up. Assuming they produce at 150,000 oz/pa, with a say $400 margin, it will take them ten years to get that money back as 50% owner through dividends.
That situation would be untenable. So, what is the alternative? Wait until $1,000 margin gets it down to 5 years. Even better for them to then do a T.O after a year or two of fullscale mining, which would cut it back to 3.5 years allowing for the extra cost for the T.O. Norton GoldField would be an example.
I wouldn't have a problem with that. 20-30c dividends for a few years and a T.O would be fine by me. The shares would be about $2 at least.
.
Ann: Quarterly Activities and Cashflow Report, page-12
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