My preference for a buy back simply stems from the fact that our...

My preference for a buy back simply stems from the fact that our operations are a know quantity and we intimately understand our own business.

There is a lot of upside to be realised in the next 6 to 18 months, and if we could take 10% of the shares out of the market, then that would go a long ways to a rerate of the share price, and company as a whole (higher EPS and DPS etc etc).

We know what is in the pipeline, how much gold there is, where the upside is, and we have the team and capability in place to achieve those objectives.

If we liked Tropicana 6 months ago when we paid overs for it, we should love it now it is almost 30% cheaper than before.

We have a whole project in McPs that has almost zero value towards the current share price.

Yes, we need to pay for the development of McPs, but we don't need to pay it all upfront, and with the strong production numbers forecast over the next 2 - 3 years, we could pay for construction, but back $100m worth of shares and maintain a small dividend without too much stress.

We have a massive land holding at Duketon that we are starting to explore, and who knows what could be found there, but if the company is promoting they are looking for an extra 1m oz, they are probably going for 2m+ Oz.

Buying an "undervalued" company comes with many risks, and we won't take know how distressed it is until we take they let's and start a detailed review. Are the business under the headline figures a promise of the future, or are the best years behind them? I think it's unlikely we will know all of the issues until 6 - 12 months after taking over any project.

If we were to buy another mine, would you suggest a pure gold play? Personally I'd like the company to diversify, perhaps a good, copper and silver mine so it isn't so cyclical and prime to "manipulation", like the current gold price.

anyways, tomorrow is likely to be another red day, do let's just get through that, this week and the end of the year.

Who knows if / what Basel III will bring, but that comes into effect from 01 January if next year (3 months).