Always had this one on my watch list. Taken it off now because...

Always had this one on my watch list. Taken it off now because 1. Spain hasn’t quite been the promised land for a few asx companies 2. An equity raise at more than the current cap 3. The prospect of black butte getting off the ground in the next few years would now seem to be fairly slim if they capital raise so much to start something on another continent.

In some respects this Spanish deal is almost like buying an annuity.

Smaller projects with more exploration upside must be out there, could have thrown the same amount of money at four or five such prospects.