Not much has improved for this Papuan gold miner since May 04...

Not much has improved for this Papuan gold miner since May 04 (0.94), except its share price, which is up 90%. Recently the company said it had borrowed $US216m and ‘restructured’ its hedge commitments. We’re not certain of the precise details of that deal, but it matters not. It just goes to show what a fascinating track record this company has of sucking in capital and spitting out promises. Rio Tinto and Lihir are also unwinding the former’s management agreement and, as a wild guess, we’d say Rio probably also intends to unwind its 14% stake in the company. It makes sense for you to follow suit and SELL.