General comments on sovereign risk, not specifically related to RTG:
The sovereign risk in the Philippines is less for those fully permitted pre-2008, as discussed previously. Although LIN holders might disagree with that, as they had their old tenure pulled out underneath them on what is one of the most exciting porphyry prospects going. And IRN holders had their hopes and world-class project in limbo until Xstrata suspended work despite having a pre-'08 tenure to mine.
At the national level, the country is currently a basket case with barely a new approval to mine in 7 years and nearly all applications stalled or uncertain. Hopefully the presidential election next year will change the fortunes of mining aspirants. The front runner Binay, is probably the best out of the potentials to kick start mining again.
From my observations, punters don't ascribe anything to sovereign risk until everything is lost, and generally boards keep pretty quiet on any issues, also until everything is lost.
If you think it is rosy in the Philippines compared to Australia, you have either deluded yourself or allowed someone else to delude you. For a more balanced overview, Google the latest Fraser Institute report which ranks sovereign risks from results of surveys by mining executives around the globe.
