P.S. Forgot to mention that the director buying at the end of June was a small factor in my decision.
All the hate for this stock makes me think it will be a classic elastic band, pulling back beyond its fair value and then slingshotting when sentiment shifts. I'm not arguing about whether the directors misled investors or whether the capex costs are stupidly high. All true I'm sure. But a resource of that size obviously has some value to someone, a sovereign fund being the most likely.
Markets are forward looking and the chances of a bullish phase by early next year are pretty good I think. Markets know Europe is highly dysfunctional, US struggling, etc, etc, and that is reflected in a 4,300 All Ords. 4,800 sooner than 3,800 IMO.
BMN Price at posting:
9.7¢ Sentiment: Buy Disclosure: Held
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