Short of a resource upgrade, commencement of mining, a takeover offer I think we will continue to drift lower. The HNC holding is also a short term risk because they are likely to dump their shares after the 6 month undertaking expires around the new year. They didnt buy CMR shares for investment gains, it was part of the deal to show bone fides for the JV. So they are likely to be keen to get the money back to pay for JV expenses. Hence, their disposal could be at any price - like last time.
Is the power connected? I havent heard that confirmed by the company, maybe I missed that.
At current prices, it is probably a reasonable buy if you are prepared to invest long term and close your eyes for a couple of years til they get the sulphides on stream.
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