Ann: September 2012 Quarterly Report , page-10

I'm not surprised.

The perceived risk is that the ALD assets are in bad shape and end up being a mistake. Like I said yesterday I was pleasantly surprised by Simberi and hopefully the capex is winding down there and they can churn out more gold at sub $1000. That's always been the dream (forget 850 for now)

My hope was that GR had just one rubbish quarter and would improve, so that SBM would inherit an asset that was hiccupping along OK but with some continuous refinement could be improved. However two quarters with cash costs of $1700 odd is not a good look. I think it's the difference between hoping SBM have the management skills to make things better vs
having the skills to pull the operation out of the mire.

Oh and one more thing. If you have a mine in PNG or the Solomons as far as I am concerned there is no such thing as "unseasonable rain".