So much under valued, page-231

An interesting chart to consider in "Torque"



Of the West African Miners, we have in order 12-month performance
1. RSG
2. WAF
3. PRU

Question might be, why?

1. RSG has had a turn around and unhedged to the gold price.
2. WAF grew production and unhedged.
3. PRU have sustained a large cash balance, which means you have a part of the market cap essentially doing nothing. Additionally, it's hedged.

PRU has operated well but has flat to slight declining production over medium term. Cash has been a negative for equity performance.

This will be an interesting chart to reconsider in 3 years time, after Nyanzaga has been developed.

This doesn't consider longer-term issues like being exposed to one country (like RSG & WAF) - which issues can usually only be seen over longer periods.