valuation, page-32

Citi 30/10/2009 3 Hold, High Risk $3.40 14.1%
September quarter gold production beat the broker, while total cash costs were largely in-line with expectations. Otherwise, recent upgrades to Citi's AUD forecasts and minor changes to mine production/cost profiles sees 2009-2011 estimates fall by 9-22%.

However, Citi points out that if current gold/AUD levels remain in place, it would provide almost equal upside to the downgrade. The Hold call and price target are maintained.