When the boat comes in???, page-180

Fair enough. I owned GRR a few years back - and I recall I got them at 20 cents. Not sure they had any revenue at that stage. I did not hold them for long and made a small loss. If mum and dad investors purchased at 20 cents as I did back then, they are doing OK now with the capital value and the level of dividends - which are just as important as an capital increase in my view.

Guess where I was coming from (and not talking about the whole industry) is that GRR is a different company than the one I had invested in before. Like you, I think it is undervalued. It is a genuine 30 cent share (at current price it is giving the same dividend return as the best Australian banking stock). Until the Southdown project becomes a material entity with good partners, I still think 30 cents is the fair current price. Any higher won't be warranted until there is greater potential to increase production. Bottom line being is that you can't attract long term contracts without long term material to sell.