should we be worried, page-8

something is wrong and we will be the last to know. but there must have been consistent selling by people closer to the action.

I believe it has something to to with funding from JV Partner Ivanhoe Aust where Peter Reeve WAS (until recently) MD. A headline from AFR back in April
20 April 2012 | Luke Forrestal

PRINT: 20 April 2012 | PAGE 1 | Takeover talk after Ivanhoe exit

Ivanhoe Mines is expected to step up efforts to sell secondary assets – including a 59 per cent stake in locally listed Ivanhoe Australia – after controlling shareholder Rio Tinto agreed to provide it with more financing and made a raft of board changes.

This date roughly corresponds with start of decline of ERM sp.
I'm guessing but maybe IVA will now be taking a different and less benevolent attitude to ERM.

The assets of ERM still sound exciting but without good funding it all comes to nothing.