UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*

Royal Gold Inc.
(Name of Issuer)

Common Stock
(Title of Class Securities)


780287108
(CUSIP Number)

December 31, 2002
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

	[X]	Rule 13d-1(b)
	[ ]	Rule 13d-1(c)
	[ ]	Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's
 initial filing on this form with respect to the subject class of securities,
 and for any subsequent amendment containing information which would alter the
 disclosures provided in a prior cover page.

 The information required in the remainder of this cover page shall not be
 deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
 Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
 the Act but shall be subject to all other provisions of the Act (however, see
 the Notes).


















  2

CUSIP No.  780287108.

1.
Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
M&G Investment Management Limited

2.
Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b)

3.
SEC Use Only

4.
Citizenship or Place of Organization
United Kingdom

5.
Sole Voting Power
None

6.
Shared Voting Power
None

7.
Sole Dispositive Power
None

8.
Shared Dispositive Power
None

9.
Aggregate Amount Beneficially Owned by Each Reporting Person
None

10.
Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
Not Applicable

11.
Percent of Class Represented by Amount in Row (9)
None

12.
Type of Reporting Person (See Instructions)
IA





   3


Item 1.

(a) Name of Issuer:
Royal Gold Inc.

(b) Address of Issuer's Principal Executive Offices:
1660 Wynkoop Street Suite 1000
Denver, CO 80202

Item 2.

(a) Name of Person Filing:
	M&G Investment Management Limited ("M&G")

(b) Address of Principal Business Office or, if none, Residence:
	Laurence Pountney Hill, London, England EC4R OHH    (M&G)

(c) Citizenship:
United Kingdom (M&G Investment Management Limited)

(d) Title of Class of Securities:
Common Stock

(e) CUSIP Number:
780287108.

Item 3.	Type of Person:

(e) An investment adviser in accordance with s.240.13d-1(b)(1)(ii)(E)

Item 4.	Ownership (at December 31, 2002)

 (a) Amount beneficially owned: None

 (b)	Percent of class: None

 (c)	Number of shares as to which the person has:

(i)	Sole power to vote or to direct the vote: None

(ii) Shared power to vote or to direct the vote: -0-

(iii) Sole power to dispose or to direct the disposition of: None

(iv) Shared power to dispose or to direct the disposition of: -0-

Item 5.	If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the beneficial owner
of more that five percent of the class or securities, check the following:
	[X]



  4

Item 6.	Ownership of More than Five Percent on Behalf of Another Person

		Not applicable.

Item 7.	Identification and Classification of the Subsidiary Which Acquired
	 	the Security Being Reported on By the Parent Holding Company

		Not applicable.

Item 8.	Identification and Classification of Members of the Group

		Not Applicable.

Item 9.	Notice of Dissolution of Group

		Not applicable.

Item 10.	Certification:

By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were acquired in the ordinary course of business
and were not acquired for the purpose of and do not have the effect of changing
or influencing the control of the issuers of such securities and were not
acquired in connection with or as a participant in any transaction having such
purpose or effect.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.



February 11, 2003
Date

PPM America, Inc.
/s/ Drew Ahrens
	Drew Ahrens
	Vice-President Compliance
Signature