As you know, vast majority of GBN reserves in S Africa. As you likely know, S Africa gold companies sell at a signficant discount to their N American peers. Investors worry about new S Africa royalty and BEE laws. Royalty laws appear to be working out better than anticipated but BEE ownership is more of a problem. Also, Burnstone deposit appears not to be amenable to mechanization and 500,000 oz/yr production which the majors prefer.
To offset the issues above:
1) Burnstone cash cost very low since shallow deposit, even if narrow veins preclude higher annual production ounces.
2) No problems with NGOs, infrastructure, and finding highly capable contractors to quickly permit and build a mine in S Africa. S Africa has expertise/highly qualified mine builders.
3) No problem with financing a mine in S Africa with S African bank debt. S Africa has lenders for new gold projects on attractive terms, IMO.
4) S Africa has better mining laws and political stability than most third world countries.