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Allied Gold

March 2012

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

In Q4 2011 at its Simberi mine in Papua New Guinea, Allied produced 12,387 oz at a cash cost of US$1,108 / oz, which meant annual production was 57,284 oz at US$979 / oz. The higher costs reflected a slower ramp-up in production and equipment failure, which resulted in 59 days lost output. Meanwhile at Gold Ridge in Solomon Islands production was 18,794 oz at a cost of US$1,319 / oz and 51,054 oz at US$1,224 / oz for the year. Allied's guidance is for 75,000 oz at Simberi and 105,000 oz in Solomon for this year, which along with other initiatives should bring costs down to reasonable levels. However, the most anticipated event is the expansion of capacity at Simberi in Q3 this year, which would take run-rate group production to 20 ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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