Explication why ?, page-8

The stock has be rerated on the basis of lower production guidance and continued increases in costs. The increase in the risk-free rate has also adversely impacted a discounted cash flow analysis of the company’s intrinsic value leading to a lower SP valuation. These are temporary concerns and likely to correct to the upside at the first hint the increase in interest rates and input cost inflation have peaked. There are also some qualitative factors impacting on sentiment such as trust in management (buyback program implementation/capital management, production and AISC miss, acquisition assumptions, etc). This is a buy for mine as these quantitative and qualitative factors are temporary ie not structural or uncorrectable going forward.