buy it while its still unloved, page-15

At the end of the day, the Peruvian Government wanted a) the best price and b) rapid development of the project. A small consortium with a market cap only slightly above eventual winning bid for the project ($USD400M) was never going to be able to compete with the likes of Anglo for whom the purchase and developments costs are merely pocket change.

I don't necessarily think that it reflects badly on management; nothing they could have done would have changed the outcome.

It is also pretty clear that the market wasn't expecting anything either.

Now they need to focus on something that IS in their league; Paron needs to be the focus with a starter operation developed as cheaply as possible, as quickly as possible.

Whilst U in Chile is an inviting distraction in the current environment; with only limited funds in the bank, the directors need to make meaningful progress on the main game at Paron (which will actually make money!!) such that future U exploration can be funded out of internal cash flow.