RE:RE:EDV v BTOThanks Ronnie, but I'd like to sound s anote of caution, so we don't get overexcited.
Management were asked about plans to move to 2Moz p.a. in the last conference call and indicated that that was not their intention. They wre more concerned with stabilising and optimising production around the 1.5Moz level, following the two recent mergers.
Bear in mind that following the Agbaou disposal, we'll be at ~1.4Moz p.a. of proforma production. When Karma goes, that will go to 1.3Moz. So, if Fetekro is brought on-stream that just gets us back to 1.5Moz - but with higher quality, longer life, lower cost mines. Kalana doesn't look so good to me, based on the PFS results: good production for the 1st four years but then tailing off sharply. They need to increase the reserve there, IMO, before contemplating developing that project.
Having siad that, management now has a large portfolio of exploration targets to prioritise, which could lead to organic growth if successful. I look forward to the next "5 year plan" for exploration (as we're nearing the end of the 2016 plan).. I'd like to see some aggression in that plan, focusing plenty of effort on the most promising targets. Expanding some of the existing operations, if the reserves to justify it can be found, would be a good way to allocate capital.
Cheers,
Mark