Nice analysis, but you haven't considered forward sales enough. RRL as you say has a hedge book that really sucks courtesy of Macquarie bank- the bank to go to if you need money for your mining operation, except watch out for their forward sales contracts!! Below is an extract from the last RRL annual report- its very hard to find, and I guess they are trying to hide it. I am seriously considering investing in Macquarie bank who is the ultimate winner in a lot of mining operations. If RRL didn't have this lead ball around their leg they would be a good successful mining operation. Like most of you I am well down on my investment but hanging on in the hope that the NSW govt will finally pull their finger out and approve Mc Phillamys.
RRL Price at posting:
$2.05 Sentiment: Hold Disclosure: Held
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