Daveo, I have held for 4 years now and I am in it for the long...

Daveo, I have held for 4 years now and I am in it for the long term. If I didnt believe it would turn around someday I would have exited. My problem is just when i think it cant go lower and i buy extra to average down management surprise with some new downside or radical departure from previous strategy. At some point it becomes difficult not to doubt the board's abilities.

M&A was an urgent priority for a few years, then it wasnt. I think the board looks a bit rudderless when it comes to capital management. No clear strategy - if they had decided to fast track Carapateena at the beginning rather than tool around with with M&A idea and capital returns and share buybacks that would have been fine. They probably had enough money at one stage to develop Carapateena without JV or debt. Now they need JV to do Carapateena but no JV on the horizon at this stage.

I will eat my words if they pull it off (Sweet JV to generate cash in the medium term to fund Carapateena to BFS and beyond). I hope the board has a secret plan that blows away my fear and doubt. Bring it on.