One thing that bothers me a bit with Azumah is that while the...

One thing that bothers me a bit with Azumah is that while the reserves in the original DFS were calculated based on a $1300 per ounce of gold pit shell design, the already not-so-hot NPV was based on $1600 realised price (see p.5 of ANN 27/08/2012). Based on that, AZM seemed a rather marginal proposition to me at a lower gold price.

Bur no doubt that figure will improve with the next reserve/DFS upgrade, and gold is looking much better now than it did a week ago.