TER, page-376

I'd love that as a new holder, but i can't see that much growth. We should he above ti get to max 4 times earnings.

this is more a dividend play they will run down the reserves and pay out as dividends. I'm happy with thay approach. Sell south African assets and pay a special dividend then efficiently run Blair Athol until it's gone. Should return hopefully 80c plus in dividends over the next 10 years. 4x on current prices....

I think the reason they reduced Blair Athol output is to preserve mine life for higher prices and hoping for royalties to be reduced.