mkt cap vs igv, page-7

I guess it is a valid approach if the deposit has sufficient grade to be deemed 'economic'. AUM's deposit is certainly in this group. It is a question of scale....?

The IGV path would be pretty dodgy for marginal deposits and there are plenty of them.....

There is also the question of the juncture of the open cut / undergound mining interface. As an example at Ernest Henry I presume there is a query of the economics of the deposit below the pit, particularly with the restriction of mining rates from U/G. There is some potential for ore below the current pit to have zero value despite its IGV?

So again plenty of room for distortion...?

acturtle