Hi Holymoses,Well, of course, I have already allowed for the FD...

Hi Holymoses,

Well, of course, I have already allowed for the FD shares in my calculations and EPS growth still looks very healthy.

It is always a balance between debt and equity when it comes to funding these projects. In the case of CNT they have avoided all debt and hedging. They get full recovery of ALL CAPEX & EXPEX outlays before their JV partner starts to profit-share - and they are totally tax-free.

With such an immense reserve/resource, low cost environment, high liquidity in London and Canada (and moving to the main board of the LSE this year) they stand to benefit from Institutional cash looking for a home during a buoyant gold market.

It has certainly delivered everything on time so far. First pour was in June and they are now ramping up to commercial production levels.

Difficult to fault it really (although I appreciate that it has a dismal following in Oz). I think it's discovery cost has been running at c. US$3/oz over many years.

Must admit that I tend to trade it's range these days as it has a low spread and deep liquidity. In contrast, I tend to just hold/add MML because of the difficulty of obtaining stock and the tight range.
CPDLC