Why is everyone so down on management?
I believe the all in costs are around US$70/t. With the iron ore price just above US$100 and falling fast the prudent thing to do to preserve shareholder value by re-assessing the project. If that means delaying production then so be it. This is a small resource and you can only dig it up and sell it once, why do so if you are only breaking even? Better to wait for an economic return.
After 15 years in the broking game this is the most competent management team I've come across (most in this sector are either hopeless or dishonest). I reckon we should be patient and have some faith that Hamish will always act in shareholders interest.
good news, bad news ?, page-8
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