I've held RSG for three years thinking it would be a good long...

I've held RSG for three years thinking it would be a good long term investment. It has been a very frustrating period but I have hung in there and with the Au price rise this year I had hoped RSG's time had come. When going through the accounts these HY figures are not only very disappointing but very messy to say the least. To get the full picture you have to read these accounts in detail as there are so many adjustments and very some very relevant notes. I could list 30+ points that need to be noted and some have been mentioned already so let me add a few more:

- with such a high Au price and even allowing for some hedging Au sales barely covered the cost of wages and paying suppliers from a cash flow point of view $303M v. $300M. This is truly shocking.
- the issues with the Mali government were significant before the coup. It owes around £71M to RSG so you can imagine how much more difficult it is now going to be to get paid especially when RSG is in dispute with Mali tax demands for up to £43M
- No explanation why D & A has gone up from $19M to $90M, this is one hellova hike for 6 months.
- there is $47M gold in circuit that is "non current" no mention as to what that is
- Syama is losing money so what hope for the future if the Au price retreats

and I could go on......

Very disappointing so I'm out.