Ann: PTN acquires substantial interest in Emmerson, page-18

Good analysis and correctly identifying delphi as the elephant in the room. PTN is a public facing division of delphi, so will do what they are told.

Cardinia/ Mertondale looks ok on paper but the reality is most of the mertondale stuff involves cutbacks or UG mining. cutbacks are cashflow negative until ore is mined and UG requires a higher grade than is presently available. Also there is no plant at Cardinia so either a plant has to be built at $?? or the ore is trucked out to a nearby processing plant. Who will it be, VAU at KOTH or GMD at Gwalia/Dacian?

More interestingly who will blink first between those two and try to buy the whole lot? Or is the purported merger of them both going to happen, in which case nothing will happen until they are ready.

As previously noted I sold out a while ago and have re-invested elsewhere (so far it has been very profitable), thus I can look at PTN more dispassionately.