arthurglaso, it wasn't an overseas crossing. I sold them to buy them back a little cheaper, which I've bought over half back so far. It's about the 8th time I've done that in the last two months. I actually got a rude shock when I sold them that morning on the opening thinking that it would be an easy day trade as they had closed the previous day at $2.56 and the Coal Index had lost 15% overnight. Anyhow, no mystery and the fact is that there were a lot of UK and US instos on the register and they have been steadily selling as they have had huge redemption requests or in a couple of cases blowing themselves up (is there a nicer way of saying that?) Looking at RIV from the longer term perspective, it has been hopelessly oversold. Coal stocks in Europe, the US and Australia have been sold off in part because of government statements (and actions) about curtailing production and further taxing production in those jurisdictions, for environmental reasons. Surely that makes production in Southern Africa even more competitive??? Macquarie and Goldman Sachs both came out this week with significant downgrades for commoditues pricing in general and that included coal, but downpricing coal over the next 5 years to $140US per tonne for coking coal and $100 or even $80 per tonne for thermal hardly puts Riversdale's projects at risk. RIV is a low cost producer. The operations that will be closed down are those with costs of production and transport above $100, and there are quite a few of those. You just have to have the courage to hang in there as no one knows where the bottom is in this market but there are an increasing number of stocks that you can say are hopelessly undervalued at present and that will certainly be multiples of the current price at some point in the future, simply because they will be earning , in the case of RIV for example, their current market cap per annum or a lot more.
RIV Price at posting:
$2.28 Sentiment: Buy Disclosure: Held
