why such a big fall, page-44

Melua,

Some thoughts,

Would consider $600 million for 4Moz (if identified) kind a value when project is almost or in production, or possibly a corporate deal. Would see that anytime soon. See EV/oz of CNT and ALD for some comparison. Tujuh Bukit will also carry a discount due to low grade, located in Indonesia and the need to have forestry approval for development.

Usually look at any long term valuation then in terms of EV/oz or NPV, rather than $/share as IAU will issue further shares ect. Agree not much except cash being valued in IAU atm.

Spiderman,

Nationalisation in energy industry is more common than any other commodity as it is strategic to governments to keep the lights on, so to speak. Bolivia is historically one of the most screwed over countries in South America but at the height of their instabilities in last few years they only increased the company tax for other export commodities, see Apex Silver announcements.

The value of Tujuh Bukit and Casposo are both small fries to Argentina and Indonesia, true governments in south America and other regions could try and nationalise everything, which would kick substaintial foregein investment in all industries or they could further open up the country to foreign investment to strengthen their economy.

IMO most probable risk to both developments are forestry and other environmental/government approvals, raising capex and commodity risk.

Also Casposo seems expensive to me on capex/oz produced for a high grade gold operation, is this mainly additional prestrip and infrastructure? Cant find any cost breakdown. Sounds like IAU want to JV casposo with one of the cashed up smaller Canadian gold silver companies.