WAF valuation, page-86

The best mining companies tend to focus on operating well and let the gold price take care of itself. The people who run Australian gold mining companies are more often engineers/geologists rather than financial types who are more into financing engineering/hedging/speculation (Jake Klein from EVN would be a notable exception). I’ve also read that the success of Australian gold producers vs Canadians in the last few years has been attributed to the greater focus on operational improvement.

WAF in particular has the benefit of having very low production costs that make the gold price even less relevant to its success.

I always find that gold mining interviews on TV, and I rank Sky business at the lowest possible level, descend into questions about the gold price. That’s because it’s too hard to ask informed questions about geology, process plants, reserves, operating costs etc. Sometimes us mining investors forget how uninformed the wider Australian investment public is about mining.