Be careful valueing this company using book value. There could...

Be careful valueing this company using book value.
There could well be major write downs in the next 12-24 months with reefton and possibly the macraes operation shutting down or down sizing. their NZ production hedgeing will also be coming to an end during that time frame.
cash generation and M and A activity over the next 2 years could define this company for the next 5-10 years.
exploration in their philippines tenements could provide some major upside that is hard to quantify at this stage.