I think everyone is a bit surprised that some didnt realise the risk initially. But the market knows the risk hence we are not 50c.
Anyone who purchased KGL in the last 6months should have been aware of timing risks. Almost all companies in this transition phase suffer delays.
And everyone should have known the political/sovereign risk. People still chose to invest biggest the discount makes the reward worthy of the risk.
The last month has made the risk of delays a reality. So probably the slight downgrade/discount was necisary to counter that shift from probably to definate.
The political situation is and was a concern from the outset. But if its worsened, then its only slightly.
For me, the last announcement had a big positive. The decision has been delayed and KGL are addressing some community concerns. If the government/commission were hell bent on opposing the permits they could just do it.
They have given KGL extra time because they want the project to proceed IMO.
The delay mentioned in the announcement for actual site access of a few months post granting of permits is trivial imo. The biggest re-rating(up or down) is purely on the outcome. Followed by mini spike when equipment starts arriving onsite. Then the inevitable first production.
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