:)I'm just trying to understand the detailed economics of DRA. I...

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I'm just trying to understand the detailed economics of DRA. I also suspect it's cheap which is why i'm bothering to look. However, I can easily come up with a scenario where the combination of cash costs, capex, dilution and forex leave DRA fairly valued at today's price.

I don't think DRA's weakness is that it has producing mines in stable countries. (I think the African adventures that other companies are engaging in will end in tears!). I think the weakness is in the complex economics and lack of either a plan or the disclosure of a plan.

What will be the cash costs for the new oz coming on stream? What will be the capex to bring them on stream? What exploration dollars are required? Do DRA have the funds to meet the capex and exploration or will they need to raise capital? If they need to raise capital then why are they buying back the notes?

Svartliden doesn't even have the resource (note, not reserves) to support the 2014 indicative plan that DRA has published. (resource = 164,400, plan = 198,000). How much is it going to cost to get the resource and then convert that into reserves.

Again, I suspect the answers to these questions is positive and that DRA could be a double+ but in the absence of answers (which I intend to find) I DON'T KNOW.