Ann: First Shipment of HMC Completed at Coburn Project, page-18

for my money this is the highest quality post addressing this announcement.

I too can rationalise (rightly or wrongly) why the first shipment was 6.5kt and not 10kt as repeatedly indicated by STA but what does and will irk me is that no company rationalisation was proffered. I don't think it's good form to leave mug punters wondering why they missed the 10kt and whether this 35% miss is systemic, a timetable blip, a process structure issue, a logistics issue or just simple bigger fish to fry. For my money the quality of many announcements ex STA do lack quality, including (and to an extent,especially) those published by Mrgans and Shaws.

Looking at the market responses suggests that bigger players than those that hang around HC are becoming a little suspicious about the 'goodness' of all the good news flows.

Lastly, I see a little bit of short trading activity ... maybe this is aligned with Regal's 'taking bat and ball home' exit ... Regardless, it does suggest that not everyone thinks the price is headed for the moon...

have a great day.