looks like buying time again, page-17

PGI is my biggest holding, I haven't sold any, and I don't intend to sell any as things stand. I still think that reprocessing high-grade tailings is like shooting fish in a barrel compared to the vagaries and costs of mining in-situ ore, so I have high hopes in the medium to long term. However, I think it would be too much to hope that ANY investment in the current environment is a slam dunk. Just look at Newcrest... We really need an improvement in sentiment toward gold, and, as I've said, the drivers are as much in force as ever for that imo, so... patience!

I think PGI has made massive progress in derisking, but even so, for the next, say, six months, I'm content to rate survival as success. Put it this way: PGI can do without any more headwinds for now, and nothing blows headwinds like a GFC.

Regarding future feedstocks, it may well be that negotiations are already advanced behind the scenes. If anything, PGI usually tends to have more irons in the fire than I expect, not less. It's hard to remember now, for example, that at one time their main focus was China.

"...lice freezing in the man's moustache on the bike..."

I'm beginning to think I must have led a sheltered life.

Grav