Knowing When To Hold Em or Fold Em, page-17

I agree that Co-O probably will get an apprehensive thumbs up from the DENR during the review because it is ISO140001 certified, well established and underground.

Though I'm not as agreeable on the assessment of Duterte.

He had mining banned in his Davao region. I assume if he thought it was no good for his region as mayor, he will likely think it's no good for his country as a president (and his actions as president to date reflect that).

Looking back at what Duterte's was saying before he ran for president (and before the international investing community cared what he thought) I don't think he was even open to "responsible mining" as he "claims" to be these days:

http://newsinfo.inquirer.net/228059/duterte-vows-to-defy-aquino-on-mining
http://www.philstar.com/nation/2013/08/08/1063361/davao-city-bans-mining-activities
http://newsinfo.inquirer.net/690420/duterte-ban-on-mining-to-remain-in-davao-city

Maybe he's soften over time? Or maybe he temporarily softened his stance on mining to win business support for his presidency?

Like most things in life, where there is uncertainty, I tend to ignore what people "say" and judge them on what they "do". I think his appointment of Lopez says what he really thinks of the existing mining operations in the Philippines.

Here are her latest comments:

http://www.reuters.com/article/us-philippines-mining-idUSKCN1070DX
http://www.philstar.com/headlines/2...-firms-undergo-review-over-alleged-violations

So for the time being B1 looks like a write off.

And now the whole country seems to be getting behind attacking miners:

http://www.ibtimes.com/worlds-largest-polluters-accused-violating-human-rights-philippines-2395491

That said, if MML was valued like other miners I would have completely jumped ship, but with over a million ounces at Co-O and an enterprise value of ~A$100m, MML currently offers investors the chance to buy Co-O ounces in the ground for less than A$100 when their long run AISC is likely
So for the patient investors who thinks these sovereign risk issues will pass and most of those ounces will be mined you should be handsomely rewarded.

I'm just betting that the market won't close that gap within the next 6 months and I'll re-enter MML when the sovereign is better known (ie the audits/suspension/closures have finished). Until then I'll be invested in less promising, but lower risk, gold miners.