Ann: Annual Report to shareholders, page-43

i'd have been happy for them to put out a BFS that shows that its a really nice project and then for them to say "look, in this climate, we just can't get it done. it's going to have to wait". That way i'd know that there is a project with a future, and its in a holding pattern.

but when they keep delaying the BFS and trying to tweak it and refine it, it makes me think that they've realised "oh boy, we just spent many years and over $150 million proving up this really crappy project. the 'iron ore credits' are just waste rock and unsalable, the copper grade is too low. How did we not figure this out sooner? what a disaster! what if we try THIS approach, or what if use THAT assumption".

To be honest, i think its the latter that has occurred.