it doesnt make sense, page-16

Here are some Huntleys reccomendations at different stages and with different prices. This shows why glencore would have done what they did

08/08/2008 Ugly 1H08 Result $ 1.64 Hold
28/07/2008 Business struggling $ 1.75 Hold
27/06/2008 Commodities Update $ 3.15 Speculative Buy
27/05/2008 Upgrade due to price change. $ 5.29 Buy
21/04/2008 Heap Leach Go Ahead $ 6.06 Accumulate
25/03/2008 Upgrade due to price change. $ 6.08 Accumulate
25/02/2008 Weak 2H07 hits FY07 result $ 6.08 Accumulate
10/01/2008 Planned shut slows 4Q07 output $ 5.75 Speculative Buy