wow!!!, page-14

Not really Early1,

Look at GRRs southdown project, the capital estimate has gone from $1.8b in 2007 to $2.5b in 2011 to $2.8b in 2012. Or measured in gold, 2Moz in 2007 to 2Moz in 2011 to 2Moz in 2012. What's really happened here is that cash has been debased over the period at a 10% rate.

They might get the mines for a tad cheaper but the cost to develop them will surpass any contrived benefit from a cheaper acquisition.

Holding cash has been the worst move of the century, in some years people get lucky holding onto it. I also think it's foolish to think that last year MGX had a market cap of $2b and this year it has a market cap of $1b, therefore I can buy double the amount for the same cash outlay. That's true for purchases of small parcels, but as you shift to buying bigger blocks of shares the relationship breaks down. For example, CWK (a coal stock - and they've been the worst performers on the exchange for the past half year) is now under a takeover offer that has taken CWK to an all time record price.