I think you are mistaken on two accounts.Firstly, my...

I think you are mistaken on two accounts.

Firstly, my understanding (happy for it to be improved) is that gold produced and sold by Chatree is received in US$, and then converted into Thai currency, and then for reporting/accounting figures it is translated into A$. In other words, the Thai currency’s value relative to the US$ and A$ determine the value of gold produced and translated into A$ in the accounts.

Secondly, I thought I had invested in amine that produces gold. The value of my investment essentially will reflect howwell the mine performs. Of course, the average gold price received over a long period, not just a day or a couple of months, is a major factor determining how profitable the mine is and will be, assuming it is properly managed. As an investor I would like to be congratulated when my investment performs well, as measured by the share price, which it is not at present, despite the record A$ gold price.

What worries me, is that despite anall-time high A$ gold price, and expectations that the mine will produce strongprofits when production is in full swing next year, the share price continuesto plumb depths not seen for quite some time now. Simplistically stated, I wastaught, or learnt, that a share price reflects expected/forecasted future profits(using a discounted cash flow model to arrive at present value). If there is a huge credibility gap between the perceived value and the market value, as there seems to be in the case of KCN, why is that? Perhaps, negative perceptions of management capability is a major factor, and, or, political risk is another resulting in this anomalous situation. It may well also reflect an unfortunate combination of other factors as well, such market sentiment etc.