Stefanis,
Welcome back. Always good to have your interest, and sober commentary.
Had I reduced, as I should have at the obviously bubbly highs, I too would probably be adding a few now.
Was last tempted anyway when we briefly dipped to around 220 last year. Plenty happened, or alluded to as to happen, that we are worth quite a bit more than we were then, still not worth the 450 (90 old money) high we got to.
I liked the talk today of a third PK expansion, and the inference that it will be more substantial than the two underway (which I guess would mean to circa 90 kpa or better). Organic growth about the established hub is by far the best growth: lower risk, faster implementation and if improving OPEX and at the type of incremental ROCE we've been getting then no-brainers.
Still we'll probably need a 3rd mine underway before we get a fresh bout of market recognition imho, and I'll be disappointed if that is later than the next AGM.
I fear the market has quite a bit lower to go. Still a lot bailing from mining sector in general, but I wonder with so much smart money declaring itself out whether really its not about discouraging the plebs out so that they can smartly buy back in a bit lower yet? Or is it a golden run that is over? Regardless imho if you are going to be in, then PNA is shaping up more and more to be one of the safest bets - not really putting even one cautious foot wrong, and to date no egomania.
Wish we could see the AGM presentation - hopefully they"ll post it on he website Monday.
EL
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