No I don't agree they did not predict with honesty, if they are guilty of anything it is attempting to get debt finance over a very long period where the actual commodity they were effectively trying to mortgage was in free-fall and yes they did fail on getting that debt, perhaps failed to accept that it was not going to happen soon enough, I don't know. However they did get a deal done and I expect it was the very best they could do in the circumstances and a very hard pill to swallow, they no longer own this thing and in truth have not much control over what happens in a corporate sense, future structure and even how ownership pans out is something they will just have to live with. But life goes on, the clenched hand was loosened and removed from the jar with all fingers attached, but as expected the majors have most of the peanuts, AVB is not Robinson Crusoe here either, look all over the space.
I disagree with you on the job, it is IMO without doubt a mining job well done, forget SP, options and money for just a sec, these guys have found and developed a resource (+PB and others) in record time and are now in a position to build a fully funded mine in what has been a totally sheet market. I am happy to pat them on the back for that.
