Manila Times update on Dipidio, page-17

It lost about 40 percent of its cap for the potential loss of 20 percent of its income, which it now seems positive about having returned, ie having the licence granted. The media there suggested a two year interim licence might issue to allow time to sort things out.

It will by then have made good progress with it's NZ mines, which have greater geo-political safety.

I suspect its profit for the past 12 months, to be announced on 20 Feb., will be about $160m. The projection today will better that if the POG remains near or above about us$1500.

It is undervalued.

Today I took a position.