The main reason why BAU is underperforming is because of a lack of updates and the general level of uncertainty with EPA approvals etc.
The time between now and whenever we have final product churning out of the refinery will be at least a couple of years (provided milestones are reached without hiccups) so there's no need to get overly stressed just yet. The stuff is in the ground and we have the cash and backbone to dig it out.
I think we may be nearing the bottom here at ~20c, but Mr Market may prove me wrong again.
DYOR
deal signed and jv conditions satisfied, page-54
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