Gold Payabilty

So, I noted that AMI just purchased a Gold project in NSW, that produces only Concentrate.
They paid $205m upfront, for a project that is currently producing 45-50k gold in concentrate per year.

AMI purchases Dargues project



Above all else, I feel this at the very least, shows that concentrate projects are not 'high risk' at all. AMI already has 2 operating mines.
The payability % is impressive also, though I won't assume it will be matched by BDC, due the differing metallurgy. Still... I think it means that BDC will surely get at least 90%, which means a very good gold price for approx 50% of its production from the current mine life.

Plus of course, that the Dargues project price of $205m (with a mine life of only 5 years, and 200k in reserves), shows, that potentially, just using 50% of BDC planned production, it should be looking at a valuation of closer to $400m (I think basically double that considering its production rate will be 150k for quite a few years).

Anyway, I find such an acquisition highly positive for BDC going forward.