>>>I agree that they should just pay a dividend.  At 4x cash flows it means they could pay out probably 20% and maintain exploration (but no further mine development without debt financing).  Just pay a 10% yield.  It's maintainable, and we have a $200 million line of credit for further mine development.   Under most circumstances I'd rather see the cash allocated towards pursuing growth but this stock is getting no respect. <<<

elmo, your contention that EDV pay a dividend is either out of sheer ignorance or out of pure frustration.
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The only reason for buying a company like EDV is that they perceive it as a GROWTH opportunity and look to see their share price increase by multiples as the growth comes to fruition.  For a company to stop now and pay a dividend would signal to the market that the true growth phase is over and the possibilities of a multi-bagger have ended.  That's a great idea if one is only looking for a 4% to 6% annual return on their investment.  I'd rather see EDV grow to 450,000 opy by 2015 and take the Market cap to a 50% increase from here.  Then if Hounde can come on line in 2015 perhaps we grow to 550,000 opy or more and an even larger market cap?
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But that growth isn't going to happen without cash, the cash generated by operations.  To pay that Ops cash out as a dividend and go into debt to build mines is silly.  That debt will certainly impact the Enterprise Value and as a result effect the share price negatively.
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But the fact that the stock isn't getting any respect, could in fact mean that there is an investing opportunity here?  Rather than get frustrated - perhaps one should buy?  Or are you one of those "efficient market theorists" that think that everything is always priced into the share price instantaneously?  I tend to believe that inefficiencies do occur and those with a sharp eye can find them and benefit from them.  Right now the market isn't "paying up" for the growth.  It does not seem to be paying for future production just yet.  But hey, I get that - EDV in many ways is a "new" company.  A lot of pro money is going to wait to see what EDV can do with its new assets, how the Tabakoto build out goes and how Agbaou build progresses.  EDV has a lot on its plate - you and I see the growth potential, but in many ways the BIG money wants to see the potential become reality before investing.  So it might makes some sense for one to be patient and let the plan play out (or not) - certainly a better resolve than dividends and no growth.
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So one needs to decide - Why are you invested in EDV?  Is it for dividends?  [might be time to move on]  Is it for Growth? or is it as a proxy to a rising price of gold?  Until one is VERY clear as to one's objectives, then one can tend to drift around between objectives and as a result get their lunch eaten by the BIG boys over the long run.
 
Good luck!
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after the creator of Elmo quit over some not so good scandals, you sure you wanna continue with THAT moniker?