Hey BT, I strongly agree with you on Tony Polglase.
Tony has said he will not mine without the Vale money.
He is very prudent and conservative. No doubt borne of many years experience, and seeing miners go down the drain through financially sticking their necks out. AVB is onto a good thing, has a bright future and he will not see that destroyed in the interests of expediency. Fair enough.
In today's climate that is especially reassuring for shareholders.
I have urged here in the past for Xstrata to do their bit and open up their big wallet for AVB if Vale do not come good, and there may be some merit in it as it saves a year in waiting. However, it is still DEBT by another name, and like share dilution, it is to be shunned!
Tony has said he wants things to be self-funded(!) You owe nobody nothing, and sleep better.
So borrowing from Xstrata is not that good an idea I suppose, and is why Tony is MD and I am.. just a poet! :)
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