GXY will only write down Mt Catlin for tax purposes. IMO, and since GXY , although likely to be cash flow positive later in the year , is not likely to pay tax intil FY 2014-15 due to accrued credits from development/construction phase.
By then the economics of Mt Catlin may have fundamentally changed.
We now need a new CEO who will optimise profit from Jiangsu and make better decisions on the development of our South American brine operations than those made in the development of Mt Catlin.
At the current market cap, that may mean selling the L1 assets rather than devaluing the company further via more CRs.
Moorookamick
GXY Price at posting:
10.9¢ Sentiment: Buy Disclosure: Held
