Not defending SBM, however, that AISC number is extremely...

Not defending SBM, however, that AISC number is extremely misleading. They will have been non operational for six months due to a fatality and the fact they had to replace the tailings pipeline.

I would remind you that when fully operational, eg the June qtr of 2020, they (SBM)made operational cashflow (net) of $126m, which tells me that a market cap of less than $1b is on the cheap side.

If they produce the 60,000 to 70,000 ozs from Simberi in this half, the AISC for this half, I suspect, would be quite low. Virtually no production in the first half because of the issues mentioned, which gives rise to the inflated AISC.

Patience in all things. I am not averse to a better offer. But offers need to be fully understood.