Yes people - you need to do your maths on C3 cash costs not...

Yes people - you need to do your maths on C3 cash costs not C1!

BDR is (believe it or not) over valued compared to their peers. But the xgd is undervalued compared to the gold price. So there is a compex web of factors.

Here is why I hold BDR

The catch Cry for managment has been "on time, on budget" - and thats rare!

The projects are good grades (especially Duckhead)

The only downside is soverign risk in Brazil - high taxes and various rumblings of venezualian like high inflation and devaluing of currency. BDR in my opinion is a takeover target, although managment and major shareholders would ensure if an offer were made to get a brilliant deal im sure.

I have faith in this company - they have never given me a reason to have anything else.