Ann: Integration Update , page-22

"Was particularly disappointed with the cut back in exploration expenditure. While the main game now is obviously to ramp up production, there's nothing quite like turbo charging the growing production profile with a growing resource base. We now seem to be forgoing that now to a certain extent, which I can't quite understand as there should be plenty of free cash available to fund an aggressive exploration program."

When I held IGR, it was particularly distressing to see the never ending spending on exploration! A bit of consolidation would have been beneficial, to IGR.

IGR, probably, had to generate more ounces through discovery to extend the mine life. That is not the case in the new merged identity, and other priorities now exist.

I see the cutback in expenditure on exploration as a good thing...

cheers