Ann: Quarterly Report Q1 September 2016-SBM.AX, page-9

All good points, Loki! i think this is reasonable and fair assessment of the state of play. I feel a lot of people keep talking about a rapid uplift in price and what SBM is "worth" I think at the end of the day there are many factors sitting aside from what they are doing as a company that routinely affect prices regardless of valuations. Obviously, SBM has moved hugely to the positive end of the spectrum (thankfully, i have seen this to the all time lows and back again) but I can see the AU market has stagnated amid the elections and frankly has not been able to gather any real momentum since post GFC unlike other international markets namely the US. A couple more good pieces of fundamental data over and above expectations and some clever hedging on the gold price will probably see this trickle upwards but not expecting fast moves. Happy to be proven wrong here