Two years ago I bought shares in LGL at $2.95 on the basis that...

Two years ago I bought shares in LGL at $2.95 on the basis that this company was sitting on the richest goldmine in the world (Lihir Island) and economic uncertainties were certain to devastate the world economy and push up the price of gold, which then sat at around $770 per ounce. Well, the world economy did collapse and the price of gold did shoot up to almoswt $1000 per ounce, but the LGL shareprice fell to $2.70 with not a skerrick of a dividend in all of that time.

I now read that LGL has recorded a record first half production of 612,000 ounces of the precious metal in the first 6 months of 2009, and that LGL is on target for 1.2m ounces for the year. Announcements state that LGL "is going very very well". New explorations are also "going very well", although the Ballarat (my home town) experiment was a costly mistake.

LGL now has no debt and holds some $596m in net cash. Why then does the SP not move above my buy-in price of two years ago, and why is there still no dividend. There appears to be something cynical about all this which I cannot understand.

If LGL "is going very very well" let's see some return to the shareholders please!
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A bird in the hand is worth two on Lihir Island, it seems.