Your point is valid Jonathon as to my mind the market has been treating ARI as pure io play when this is the advantage it has in that it is a diversified miner
That is why I am happy to invest in stocks that have io operations but only those who are in the cost curve and are diversified - namely BHP, RIO and now ARI (as until SI decision would not touch it as was looking for landed cost comparable to 3rd major re: FMG).
ARI Price at posting:
20.5¢ Sentiment: None Disclosure: Held