in reality, page-4

I'm starting to get the feeling that the downgrading/re-risking of Tiof might have had more of an impact on the share price than I thought. It may have ouccred under the cloak of the October '05 market correction and the WPL' stake sale in Nov, so its impact might not have been transparent. It might also partially explain the failure of HDR to maintain share price traction over $2. Don't forget, HDR was a combined Tiof/Chinguetti story. IMO a favourble anouncement i.e Tiof being declared commercial is critical. This, combineed with positive developments in Uganda will generate sustainable blue sky from here