True and considering probs with Duketon book valuations may be declining. But seeing as we just paid 900 mil for Tropicana. Analysts at the time valued it at 600-700 mil, but that was with a very pessimistic view on the POG. Considering performance of Tropicana since then would have to be worth at least 800 mil (IMO, napkin maths, all that) and if we sold it today I would be surprised if we didn't sell it for at least what we paid so lets leave it at 900 mil. Then even with recent issues Duketon would still be worth at least 600 mill you would think, with the multiple mines and reserves. Means Book value should be around 1.4-1.5 B. Knock a few hundred mill off for the hedges which would cost 400 mill-ish to buy out and add about 200 mil for cash and bullion on hand, so a book value of about 1.3-1.4 B seems about right (particularly once you add in all the other assets).
RRL Price at posting:
$1.84 Sentiment: Hold Disclosure: Held
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