sbm, page-6

At the time of aquiring Paulsen the were major concerns about the refractive nature of the orebody (hence the optimisation work) and the price SBM paid being too high.

I agree SBM are starting to look more attractive of late but can can see the above perception as having a lingering effect until production is ramped up to design.
If Paulsen is commissioned successfully they are great buying at these levels so I guess you'll pay a discount now for the added risk. I have been in and out a few times but agree with ac that there are some better opportunites atm.

For those patient souls out there check out HER. Montagues recently put out a research note valuing them at $1.61. Over $3b worth of high grade base metals at Diari, a 1.2 mtpa gold treatment plant in wa (currently toll trating Cogema ore at 100% profit), A JV with MPI Pittison scheduled to begin gold production next year @50K oz/pa, JV's with Troy and gateway, $6 million in cash and a market cap of $25million. Cheap.