Ann: London Capital Markets Day - Investor Presentation, page-5

Spec

Interesting analysis.

I am sure you know there are a few other key factors to consider in explaining the relative "cheapness" of these company shares. eg

1. operating margin per ounce produced
2. Life of mine;
3. Risks (implementation risks, country risks, financial risks).

RSG is my largest holding but it does not matter what I think. This is a company undertaking a major transition and the market wants assurance. As it ticks off on its transformation the market can will upgrade its valuation, like it has done for SAR.

Not saying I am happy with the current share price.

If people understand potential value and the company executes to plan then there we should be rewarded in the fullness of time.

In the meantime I am in snooze mode on RSG.

GLA. That pullback in the gold price that I was expecting is taking a long time to materialise.

loki