Landzt, no wages are not a waste per se. GUN doesn't pay silly...

Landzt, no wages are not a waste per se. GUN doesn't pay silly money nor does it pay too many people. DH salary has historically been towards the lower end of the scale in the industry.

Happy to agree with everyone re cutting deals, it has been seen as a weakness for DH and maybe he needs to have some help. That said there are mitigating circumstances, global uncertainties over the last couple of years is one and the high AUD is another that puts a lot of pressure on the economics of the project.

Still the fact is that the deal is not done. It looks like Posco will still follow through and the project is moving ahead for now but this has raised doubts which the market hates. Why August when April was previously adequate time? My guess is Posco are setting up to improve their terms by either reducing the upfront payment, increasing equity or both. DH needs to be careful not to undercut value for SH too far.