Ann: FY17 Financial Results Highlights, page-26

I've come across a new fact/trivia about Gubong's  history. There was a mine collapse on Aug 22, 1967. A film was made about a heroic survival story in 1969. I suspect that this incident may been so significant, that it ultimately caused the mine to cease operating. The $35/ounce gold price is the underlying reason for the closure, however, the mine collapse was probably the catalyst for that the final decision.

I think this fact gives extra weight to Charles Barclay's suspicion that mining ceased without pre-developed stopes ore other readily extracted ore sources being methodically exhausted prior to closure. The BMV fellas probably can't make all of their thoughts public. However, I think it's pretty obvious how excited they are about Gubong.

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  Life (1969)
  < Saeng-myeong >
  The film based on the true story of Kim Gwang-seon, a mineworker who survived a collapse of Gubong Mine in August 22, 1967. The story focuses on the importance of saving a life, and the survivors' will to live.