Agree, do not think so either,
HOWEVER BFS:
most probably there will be a + surprise from margin side due to +RP prices
BUT
a - surpirse from Capex, which will be higher due to failure of government to expand Darwin harbour and Management decision to do it themselves.
Moreover they need finances for Capex, however funding at this SP is not very attractive.
Another delay is around the corner, to be honest not to blame it all to management, more to bloody Greeks and Rudd.
Marketcap is ridiculous, only 1,5 cent per ton resource!!, just RP, rest zero
feasabillity , page-3
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