Ann: First International JV Awarded Omani Copper Mining Licence, page-20

Price may currently be battling with global sentiment with regards the US-China trade war. Copper price certainly reflects this, with many funds using the recent price "pop" as an opportunity to "drop" their exposure.

With regards recent changes in position sizes in T20, some EOFY selling to consolidate losses or gains seemed to have dictated price since the news of the license. The coming weeks will definitely give a better indication of what "fair value" is right now, with fair value being "what investors see as a cheap enough entry in light of macro conditions".