It's mostly to do with the GDX ETF movements...Have to say i...

It's mostly to do with the GDX ETF movements...Have to say i picked up a few this afternoon @$2.55.

The question is what are they going to do with the expected $200mill++ in cash they will generate over the next 12 months? The Gwalia expansion CAPEX is about $100mill (over 2.5 years) and they already have that in the bank. So far they have made a few tiny investments in exploration companies, I'd expect to see move activity here...

SBM are is prime position to take advantage of any asset price weakness if the POG falls. Until then the SP will always be a leveraged play on the USD POG.

But yes, 11% drop did seem a little excessive given recent upgrades to production, now debt free and lower forecast AISC's! SBM is a cash generating machine, it's what they do with it that will define the future SP.