Agreed. There is certainly value here. I remember having similar fears when I bought in at 31c in the middle of the year - it then shot up above 50c within the month!
I think the business is sound, with net cash, long mine life and pretty good management. It's really the sovereign risk associated with being in Africa, as well as the uncertainty of the Gold Price.
The USD is rising as well, which traditionally means the Gold Price falls. However the GP has already fallen from USD1900, so longer term we could see a rise.
I think there is considerable value here, and I think at 22c there could be a solid resistance level. Longer term I also think the company is sound.
Ann: PRU AGM Presentation, page-49
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$2.73 |
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