Every company in the market (especially speculative stocks) is subject to various risk factors. They include political, management capabilitiy, funding/financing, geological, commodity prices etc, etc.
The market is a weighing machine. It discounts the market cap (share price) based upon the level of risk exposure applicable as the circumstances of the company changes.
All that has changed is that the delay in the Commission handing down it's recommendations has forced the market to increase it's assessment of the political risk for the project.
Meanwhile the funding announcement has allowed another risk factor (funding) to be mitigated.
The problem is that due to the rather chequered recent history of the country, delays create uncertainty that weight the political risk higher in this instance.
Fortunately my holding here is relatively small and I am prepared to wait out the outcome, as the potential reward still exceeds the downside IMO.
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