Tropicana, page-34

Using yesterday's closing SP and plugging in the Tropicana figures and funding arrangements, RRL is no longer the value buy that it was. For what will become a 490 Koz pa producer, it will be valued reasonably compared to other large producers (and even on the low side) but its current attraction as a value play will be gone without a significant drop in SP. On my comparative valuation chart, it sits between SSR and SLR.
Of course, the increase in valuation is compensated for by the reduced risk given by Tropicana's steady production and growth prospects. This reduces the current risk faced with McPhilamy's plus RRL's need to increase reserves at Duketon.
They are taking on A$300M of debt but this is easily affordable and only amounts to 14.6c per share based on the increased equity.

Obviously Tropicana is not a cheap deal but it still leaves RRL as a reasonable buy. Their dividend capability should be retained, depending on the final outcome of McPhilamy development costs. Any increase in the POG is a bonus.