SDL is unique at present among iron ore developers in holding a positive EV in the market cap. Anyone who is critical of management is missing at least two points:
1. Management are not responsible for your investment decision - YOU ARE! You invested in an iron ore company trying to build a green field project in one of the most isolated places on the planet with severe corruption and significant political risk. Regardless of managements statements and strategy what you were investing in was underpinned by IRON ORE price and AFRICA risk. Both have bitten you on the arse.
2. SDL has a market cap of more than $100 million. This is amazing! Everything else in iron ore in Africa is worthless including much better projects with a clearer pathway to market. IMO management are doing very well to hold the share price at such a high level compared with comparative value.
Good luck!
J9
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