Little Big Things, page-46

IMO recent world events, other having a general impact on markets globally, have little specific impact on PDI and are not really a factor in relation to the SP/MC of the company.

We clearly have a substantial resource but two (sovereign risk) issues are at play which see the current valuation of that resource significantly lower than some might have expect for a 6moz+ resource.

Looks like the coup leaders have got a taste for power but it looks like Doumbouya and his crew are committed to real reform (somewhat leftist in their attitude) and want to see a significant change in how mining operates in Guinea and want to see that Guinea gets its fair share of returns from mining ops.

Their recent dealings with the Simandou project are instructive.

Couple that with the National Park zoning for PDI puts them in the drivers seat and that is reflected in current $60 per oz in ground valuation, not the $100 per oz you might expect if all that was needed to get an exicision from the NP was a big brown paper bag full of cash.