Has been a disappointing performer and selling at a discount. There was a lot of worry amongst investors and some analysts about the balance sheet because of their building of the new mine Serra Morro, which is now 90% complete, and will increase their cash flow 20%, if not 30% when it is in full production. People are worried it might breach their debt covenants, resulting in an equity issue, but he heard they had hedged 60% of next year’s gold production, and 70% of copper production, at prices above what they had budgeted for. In addition, Serra Morro will see them increase their silver production by about 40%. Dividend yield of 0.8%. (Analysts’ price target is $3.50.)