Tropicana acquisition: On April 12, RRL entered an agreement to acquire IGO’s30% interest in the Tropicana Gold project for a cash consideration of A$903mn(funded by A$650mn equity raising and A$300mn loan facility). AngloGold Ashanti has waived its pre-emptive rights under the JV agreement which completes the keycondition precedent and the transaction can proceed to completion on May 31(effective date of ownership is March 31). On our modelling of Tropicana (100%basis) we have gold production of c.450kozpa and average AISC of A$1,450/oz withproduction out to FY32. Our DCF valuation for the asset is A$746mn (excludesexploration upside). n Financials: Cash and bul
RRL Price at posting:
$2.63 Sentiment: Buy Disclosure: Held
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