china pulls out of $6bn wa project, page-22

Some might recall that, unlike muzz, I can actually claim to have seen this coming, when I said several times Sinosteel's project wasn't big enough to turn a positive NPV.

The OPR dramas certainly didn't help Sinosteel's enthusiasm, but this goes beyond OPR. Weld Range was never likely to proceed once it became clear the costs that would be involved to develop it.

If Weld Range didn't go ahead, then obviously it couldn't be an OPR customer.

Unfortunately for me I didn't think that would happen until after the OPR feasibility study was released, which I was assuming would be positive for Gindalbie and Crosslands. Seemed logical that Sinosteel would wait for the BFS before making a decision.

The question now is whether this happening before the BFS is going to be enough to sink OPR altogether. I am afraid it could well be.

Question is whether to take my medicine and sell on resumption of trading and salvage what I can out of it, or hold on... because I can see the SP being flogged down to 50c now.