Thanks for your views - very interesting. For me the current...

Thanks for your views - very interesting. For me the current share price represents a dislike for the capital required to maintain ounces in the next 2 years. Waihi is a high grade high margin mine where exploration is almost certain to reveal economic gold. Macraes however is not quite so easy as they have identified abundant resources which are actually only marginally economic and development capital is high, so for me this is a question of risk - probably this mine needs a higher gold price to justify the high risk capital. Macraes has lots of expensive ounces and the history there suggests it will be difficult to walk away from this asset. Haile has huge exploration upside and high margin potential so that’s why it is currently being expanded. This would be priority capital spend as returns will be high and this underpins the share price for the foreseeable future. I am happy to accumulate more stock during this time of capital spend as in the future this capital will bring good shareholder returns (this management has always delivered on its promises). At the current share price Didipio has been discounted to zero so higher tax or not whatever happens here is a bonus.
Consensus of analysts covering this share recently had target of $6 per share. I saw some more data last week that now had consensus (based upon discounted cash flow analysis) at $5 per share, which demonstrates inherent value but cannot stop sentiment working against the share in the short term.