royal bank of scotland initiate coverage, page-18

No probs. My feeling is the only real risk here is the ramp up at the AMP. i.e Large scale tonnages in a piece of processing kit which technically complex. The kiln / cracking the concentrate may have teething problems initially. Don't like the potential for negative sentiment in a weak market despite the fact that the read through implications may be benign. LT holders are sitting pretty but for those not in the stock, timing will be everything. Can't help but think the proper risk adjusted trade is buy after the IAEA report is released.