Ph1 plant value was written down to the actual cost of Ph2, reflecting the delays etc Ph1 build & startup.
There is no value attributed to Mt Weld in the Consolidated Statement of assets, JPM's last NPV was $3.3Bn @ $28kg basket, and in no way does that capture the full value/potential Mt Weld.
CJ should make at least some effort to understand the SEG/HRE story thru 2016 before rabbiting on about inventory, not to mention the new found strength & stability allowing supply lines to be filled.
Quite obviously the purpose if the 5c warrants issued to bondholders totally escapes him also.
Retrograde is a tag that springs to mind.
LYC Price at posting:
9.1¢ Sentiment: Buy Disclosure: Held
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