capex and opex_benefits of isr and lance, page-58

I don't know that I'd agree with you that it's irrelevant for PEN Hangseng. Karoo is a part of PEN's portfolio and based on current pricing there may be a decision to halt work on preparations at Karoo as other miners have done.

As somone who is looking at PEN for the long term I have noted estimated producton start up for Karoo is according 2017 to Hartleys. Obviously this would be affected if a decision was made to stall work. I particularly liked the fact that 4-5 years after Lance was in production there was the likelihood of another shot in the arm as Karoo went into production. It's not an issue for short term holders who are waiting for a payday when production from Wyoming begins and intend to jump ship. But for thos of us looking at holding this as a long term investment I like to see what's coming down the track.

Illiquid.