Going over 50% would mean that Eramet would have to consolidate...

Going over 50% would mean that Eramet would have to consolidate the JV accounts. Putting that JV debt load on their balance sheet could have a big enough negative effect on their covenants to be the reason. A lot of grey clouds when they are only talking $7m and 51.5%

Whilst Eramet is a massive company it carries a big debt load and like a lot of companies in this space is struggling at the moment.

Bring on better performance from the dredge and the forecast higher prices. Could be a SP bonanza coming up.

Awaiting news on the bond refinancing front.