As Peter Lynch was fond of saying - It is notoriously difficult...

As Peter Lynch was fond of saying - It is notoriously difficult for companies with no debt to go bankrupt.

The share price and the P&L are not the same thing.

This share price assumes a doomsday scenario, well below value of hard assets. This could be a wonderful opportunity if the board are able to take decisive steps.

I am not sure what is driving the current hysteria, but if it is (as some posters have suggested) that Glencore are spreading market rumours to strengthen their hand - I would be in favour of the board walking from the Glencore deal. It seemed like a great coup when it was announced, but Ivan Glasenbergs reputation is well earned, and our boatd should have known they were doing a deal with a fox.

Longer term we would be better off with a strategically aligned customer.