I doubt that CB will bail on BLY as there are clear signs out...

I doubt that CB will bail on BLY as there are clear signs out there that exploration drilling is starting to increase. Hedley Widdup of Lion Selection has moved his investment clock to 7 o'clock which says liquidity has returned to the market to drive the increase. BLY was always a contrarian play for CB and they are never for the faint-hearted. The risk for shareholders is CB launching a successful full takeover. Doesn't seem a lot of point for CB to leave BLY as a listed company in Aus. You think think 25 to 30c would be more than enough, and if they head back down under 10c, 20c would probably get up.

The technology push by BLY is interesting and may give them more leverage and profitability in the next upswing. They clearly don't want to be just a driller, drilling parts supplier anymore. If they crack some genuinely innovative products it could be very lucrative for them.