So, all looks good for Yamana! You think the low value the market puts on the ounces is purely a failure to (as yet) value the company as an emerging senior producer? Perhaps that will change when they are producing 2.2m in 2012?

I'm just trying to look at this from all angles to see if there is any other reason I've missed. Would I be right in thinking they have a very low cash costs and that is expected to continue? There aren't any low grade deposits in the portfolio that are going to be expensive to extract are there? I guess the heavy exposure to Latin America might count as a negative but at least they're mainly in the safer, more stable countries (like Brazil, Argentina and chile).