Any comparisons to STA make should be moot anyway since any...

Any comparisons to STA make should be moot anyway since any sensible analyst needs to apply a multiple to it to penalise it for not being in production. There are always teething issues, although granted the technical ones with mineral sands are likely to not be hefty unless the La Nina swings back and we see more heavy rains. At the moment it looks like we should take a step toward neutral next year. But there are other risks as well particularly around personnel and offtake partners coming through until things are in production.

In saying that, the discount on STA is undervaluing it as well. IMA is even worse in my opinion. This is the only stock I hold where I'm angry whenever I run the numbers at how under-priced it is. Its frankly ridiculous. What's crazier in my mind is that contracting prices are now higher going forward then when I first ran my assumptions. Eventually RBM operations will come back and prices will stabilise, but at the moment the company is printing cash and I don't see news on the RBM restart yet. Minimum fair price is now around 35c. At a minimum, that's without multiple expansion that should come from proving up the viability of LOM on the other tenements.

That always led me to conclude, and I've mentioned this a while back is that the discount comes from MZ being on the registry and that has proved to have caused a spill attempt. On the plus side, this could actually be seen as a catalyst, if the shareholders are able to overturn the action at the next meeting (which means shareholders need to vote, please go do that ASAP if you haven't already), an AGAINST result could finally remove the discount and cause a decent re-rating. If they want the company, come pay a premium above fair value for it. DYOR, IMHO