Have to agree that all ozs are not the same and as you say refractory gold represents challenges (depending upon how refractory it is). Problem is that GMD bought that resource/reserve from SBM (enhanced by what SBM bought from Bardoc) and has to decide what to do with it. I understand that RF in the past didn't want to get into this issue but (like DEG) he is faced with it and either has to decide to abandon it (in which case he bought a pup) and do something about it and get into an Albion or POX process to get value from it'it will be interesting to see what he does but he (like DEG) has a dilemma.
Also as you say Gwalia is now getting deep - it needs a shaft to augment the decline and that's Capex (as lot of it) or open up the refractory ore and/or do a cut back to exploit available SBM resources/reserves (also capex)
GMD Price at posting:
$1.61 Sentiment: Buy Disclosure: Held
(20min delay)