If you really have been a shareholder since the $1 days you would have asked yourself sometime ago why they suck out $1m/quarter in administration and salaries when they do diddly squat? The directors of Bougainville Copper would have done a similar job for much less - all the hard work has been done by the Chinese in the Ramu mine, while Frieda has been managed by others (Xstrata, PNA) for well over 20 years.
The one time they had to make a decision, when Xstrata failed to produce a BFS for Frieda in time, they let Xstrata off the hook by giving them more time instead of taking 100% of the project back as per their right when the BFS wasn't producted. Xstrata took advantage of this generosity by screwing them and selling their stake to PNA. PNA have since found out that the numbers don't add either (otherwise they would takeover PNA instead of selling out of HIG in the T/O) and put Frieda on the backburner.
The streaming deal was done to give them cash upfront so that they could keep on getting paid, but the Chinese didn't like having their stake lowered so screwed around with the timing. Cobalt then screwed HIG again. Finally, the directors realised they couldn't keep on funding their cushy jobs so they've thrown in the towel, and rightly so.
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