It may well be a development option but SFR has bigger fish to...

It may well be a development option but SFR has bigger fish to fry at present. I looked carefully at the top-level staff restructuring of the Co. in conjunction with the Two Major projects they're pushing.

The projects have to be in the top level of grade and profitability as well as significant size for SFR to pursue them to move the Co. to the next level up for the chain as a mid-tier and probably become a T/O target for major. That's why I said I wonder of Tushukudu has a 30% p.a. IRR.

I know SFR sold of highlands Gold in New Guinea a few years ago that was potentially one of these type of projects. That one had a poor sovereign risk profile. It also explains why they tried to sell the NZ gold project.

People including some shareholders have been critical of SFr not finding or developing something sooner. it's not that they couldn't find a partner it's that that only supermodels need apply ( we're taking a Grace Kelly aka Princess Grace here). It needs to have the quality credentials I specified earlier and more. As an investor, we always look at return. In SFR I'm looking at risk versus return a high return pretty low-risk profile that attracts me. I can hop into any one of those smaller, earlier higher return projects.

I go back to my thesis "'It's the fish John West reject..."

All IMVHO.