As cautious as Cole is he has still spent up well, the guy continues to impress me. If I am a little puzzled it is why did he bung about half a bil into buying AVB at that time. In hindsight AVB stood Buckleys of bringing much other than Antas to production without a great deal of cash.
From reports OZL were scanning AVB for almost two years and took the plunge in Coles words "because it was the best potential opportunity in the world" big call. I think Pantera was a factor in the end as that was only cleared by AVB earlier that year. But did he know more about local potential that may become accessible from the AVB deal? It looks like a much longer play and does have some mitigating copper sales in the meantime to keep costs tight. OZL have a lot of very good stuff going on.
Cheers
Phil.
