I dont think PDN being in "Africa" is such a bad thing, contrasting with BOE.
Africa is not Africa, like Europe it is a collection of countries, each with their own risks. Namibia is rated one of the top 3 (I think) countries in Africa to do business, which does not include South Africa. Having said that, it is in a less stable continent.
BOE being in Australia has its drawbacks. High wages, over regulation and high taxes. Inflation at high levels, starting at a higher base cost, hurts more. And if you want to expand the mine or open a second mine, well can't you imagine how difficult the government would make that?
On balance you would take Australia, but it definitely not all positive.
Uninvestable, page-92
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