Until the RSPT is canned completely; or a 12 % uplift and 25 % rate is locked in after financing costs; and non retrospective adaptation is adopted, all resources and energy stocks will languish.
The new management have to be much more transparent, much more engaging with all stakeholders, and work to rebuild trust here and in China. Much like the current Federal and state governments there is arrogance and lack of transparency clouding its future. I don't expect to see this stock back in profit (share price wise) in under 2 years.
The full EPA assessments will take a minimum of 15 months, and most likely 2 years. They should accelerate the exploration on all tenements in the Darling Ranges East, North , and South, and prove up JORC resources. Lock in all EPA and local approvals, and engage the local communities. The local communities are militant, well funded, and have the EPA on side. No exports will happen before the end of 2011.
I wont buy any new shares in this company before 10 cents a share, and until they stop being arrogant and un-transparent. Even after they get a new MD it is still uncertain whether the share price will rebound, look at Nexus, their new CEO is from QGC and their share price is still dreadful.
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Price($) | Vol. | No. |
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