What do people think will deliver more value for HDR...

What do people think will deliver more value for HDR shareholders?:

- sell down from 33 / 37% to ~25% of Chinugetti, Banda, Tiof + upside, and hold off issuing more shares

- maintain the increased stakes and issue more shares to fund the next round of exploration and appraisal

From the announcement it looks like Ted is favouring the first option?

I'm assuming that Chinguetti development costs can equally well be project financed regardless of whether Hardman has a 33% share or a 25% share.