Indeed, same here sub $1 for WAF - hard not to if you've able...

Indeed, same here sub $1 for WAF - hard not to if you've able to.

In terms of danger - I reckon it's a trade-off really. Invest in Australia, and the likes, for stable government but higher project risk. Invest in West Africa for low project risk but heightened geopolitical risks. For me, I'll take the later. For the past 25 years I've been working in failed states and dodgy countries, so I'm probably desensitized to the geopol risks. Coups in such countries, in my view, are simply a third world version of elections. Obviously market sentiment will direct share price to a certain extent but the institutional investors are not stupid and do their risk assessment/due diligence etc thoroughly, as you'd expect. I'm more than happy going overweight with WAF and other extractive industries players in West Africa.

Ironically, when it comes to sovereign risk - Australia is no certainty. You've only got to view recent political history with various governments, of a certain flavor, slapping heavy additional taxes on various sectors of the extractive industries.