Glad I went to the agm of cuy/hav. It partly cleared up a few issues in my mind.
A couple brave soles engaged a lengthy question session of a topic which is probably on many minds ie. why production is still so far off given the number of possible projects (see Havilah as a sort of parent company). The culprit is the SA government in the case of cuy and a combination of native title, metal prices and the global financial crisis for the hav projects. We have no way of knowing whether the permitting process could have been managed better but it is certainly true that the SA gov bureaucracy is more difficult than most other states and hence most of the delay.
News to me is that the directors are actively looking for an off-take partner similar to the Mitsui/Honeymoon deal. To me, this is an entirely plausible event in the next year and would have a dramatic effect on the value of cuy.
Otherwise, the company has a definite conservative approach, which suits the Adelaide audience and current shareholders. It is an industry full of cowboys. I'm staying in.
CUY Price at posting:
40.0¢ Sentiment: LT Buy Disclosure: Held
