THE CRITICAL INVESTOR

Mandalay Resources: A Class Act With A Valuation Issue
Executive summary

Mandalay Resources is primarily a gold producer, with 3 mines spread all over the world
The company buys underperforming assets in good jurisdictions, and turns them around through excellent management and engineering
After a sustained period of organic growth and converting resources into reserves, Mandalay Resources is strongly lagging behind peers based on valuation metrics
There is a distinct factor causing this disadvantage, and it is part of a deliberate strategy chosen by management
I will try to show why I have a different view on increasing shareholder value