If looking at multiples on PE's then better to look at all in costs. Co-O needs considerable ongoing underground development to feed its hungry plant enough ounces to be cashflow positive.
IMO, they shouldn't have expanded the plant - they lost operational flexibility - but I guess when the decision was made they believed gold would be $2000+ by now.
I like MML as a big leverage to increased gold price, but I'm just dipping a toe in at the moment with a few goldies and haven't held MML for a long time. I don't see it as an earner or a dividend payer - maybe the next quarterly will prove me wrong.
