I'm talking in general terms there. There are always exceptions, I would agree with your scenario. Personally I try not to own goldminers with sub-par mines. They are just hard work. The main point in my post above, which looks to have hit another posters nerve and is now on ignore, is its better to look at goldminers as a business first and goldminer distant 3rd.
Not quite your extreme example but tolerable by my standard is EVN's Red Lake and NST's POGO. These never meet expectations but it never got so bad that it was only break even YOY. It is also good to note that EVN and NST got started with sub-par mines purchased from the majors, Jundee and Cracow. But looking at how Jake Kline ran Sino gold and Bill Beament ran that other company prior to NST. It was clear that the initial mines/mining services where just stepping stones. The other benefit of looking at it as a business is you get to see the talent in there. Mining companies are price takers but the talent involved will be what separates one from another. Again generally speaking...
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