Panama -- talk about an own goal. Now they lose up to 5% of GDP,...

Panama -- talk about an own goal. Now they lose up to 5% of GDP, 75% of their export revenue (according to an article I read), are on the hook for potentially billions in compensation, and likely damage their credit rating (meaning higher interest payments on debt). Meanwhile, the copper price is naturally higher.

This highlights my thesis with Rex from the beginning. We've got a 15-20 year head start on the hypothetical, magnificent 4% grade deposit in the Democratic People's Republic of Somewhere-or-other. The SA Labor government seems friendly and pro-mining. I'm not a Labor voter, but can't find too much fault with them. All our permits are in place. That's huge. No sovereign risk. $250m spent already getting to this point. Our share price at 16 cents. An absolute bargain. On paper, at least.

Yet the AGM statements seem full of fluff and weak excuses:





I find these statements contradictory. Am I to take it that the offers received have been unacceptable? Or we are waiting for capital markets to improve? Or the copper price to rise? Who knows what the strategy is. Maybe another review is required.

troff is correct. The market is pricing in a lack of confidence in management. I am glad we voted-down the options yesterday.

I can't help but wonder what someone like Gina Rinehardt, or the founder of Mineral Resources would have done with this project if it fell into their laps a few years ago. My guess is we'd be in production by now.