(a)The tantalum market has improved in terms of reduced inventories in the supply chain - demand has not increased dramatically from the consumer end, ie for mobile phones, and electronics but supply chains of tantalum - have reduced as inventories have been drawn down. also the democratic republic of congo, the world's largest holder of tantalum reserves as coltan has lost effective control of supply to rebels who are selling it illegally. this has led to a crack down in europe on sources of tantalum, and moves are afoot to have production certified which would play to sgw's advantage if this happens.
(b)On the gold front sgw still is producing about 500,000 ounces of gold per annum, and this should be enough to not worry about in respect of the hedge book.
(c) takeover target even at $4 the tantanlum would still be at a highly discount rate.
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