Ann: December 2018 Quarterly Activities Report, page-13

I think the market hadn't adequately priced the risk that NST were going to struggle (at least in the short term) to turn Pogo around. I was amazed when it added multiples of the acquisition price in no time.

NST are good operators but the previous owners may have been as well and likely spent a good amount of time trying to optimise the operation before deciding to sell. NST got Jundee and Kundana with good deals but a lot of that was due to a motivated sellers exiting at any price. Also need to remember that NST bought Plutonic, which was not a good deal. For many quarters NST tried to optimise Plutonic too but costs remained stubbornly high.

The other underlying trend seems to be a steady increase at Kalgoorlie. I know they bought some higher cost ounces which accounts for some of that increase but even then A$1400 is pretty high cost.