So the merger synergies are going well and are already at...

So the merger synergies are going well and are already at $23.5M, which translates to 2.6% return on the expanded equity. That is an easy return that will occur each year. It is on target to grow at least another 50% in 6 to 12 months reaching 4% ROE.

I also really like the Mount Monger business optimisation target of 270kOz, with plans due next quarter. Costs should also come down as assets are better utilised.

At a P/E of 4.5 for FY14, the returns SLR will generate in FY14 and beyond mean that shareholders will benefit even if the price of gold goes down (which I don't believe will happen over that period).