Ann: WAF produces record 82koz gold in September Quarter, page-17

Great result, so the debt should be quickly wiped, and then what are they going to do with all that cash coming in, they've a licence to print money.

A special dividend would be nice at some point, even if it is a one-off reward.

Africa and Asia are attractive places for gold mining at the moment, as spiraling costs get out of control in places like Australia and Canada and the USA. The trade off is the location risk, but their AISC should be back to about $750, and EMR's AISC in Cambodia is at $750 also, whereas many Australian and Canadian and USA companies are in the $1,400 to $1,500 range, it's a big difference in profits, almost double the profits for some African and Asian miners.

This is very undervalued at the moment, quite clearly with these profits, the market cap should be around the $1.4 billion mark, easily, or about $1.60, though personally I think around $1.85 to $2.15 is more fair value at the moment.

In fact, when you think about it, and do a global gold mine comparison, it has now become one of the most profitable gold mine operations in the world (on a percentage AISC/Production basis). The market will catch on at some stage, hopefully.

Gw