"Monsters in the hedge book" may be a bit of a furphy as there...

"Monsters in the hedge book" may be a bit of a furphy as there are no margin calls SGW is liable for re. its hedging. If the POG rockets upwards, the company will simply miss out on profits rather than incur damaging margin calls.

The current physical problems with their gold mining operations are solvable and short-term.

Tantalum demand will eventually recover in line with the global economic recovery.

Mineral sands is a growth area.

SGW, I think, is good value at $3.12 - taking a long term view.