You seem to have been proven right today. The SP bounced back and the write-down may be just a storm in a teacup.
But I can't help but wonder why did S32 bother calculating and reporting the write-down if nothing is certain and the Hermosa valuation is inherently unknown at this early stage in its development.
One answer, that S32 management is trying to manipulate its balance sheet and engineer favourable ROA numbers for the next couple of years seems unsatisfactory to me, and might be a cynical tactic that is beneath the S32 management team.
Thoughts?
Ann: Hermosa Project Non-Cash Impairment, page-33
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