re: Ann: Presentation to Africa Down Under Co... I think they do, because when you give away 30% of 760koz reserve with a cash cost of just $338/oz (value of $200-$300M) for just $30M well SP upside takes a hit.
Planned production rates of approx 100koz pa, meaning only 60koz for CHN (actually less as 10% is free carried).
No improvement in reserve in last 12 months. Any future near mine upside is only captured at 60:40 for CHN. Any exploration success will see the same ratio apply.
So since the DFS the only thing to improve the SP has been the price of gold, the effect of which has been significantly neutralised or eroded due to Enamco's interests and very slow project development.
All just my opinion though.
Ann: Presentation to Africa Down Under Conference, page-3
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