It appears management are trying to position LCY as a resource...

It appears management are trying to position LCY as a resource project incubator, where they

- go and find good projects,
- negotiate a tough deal
- best terms to Legacy
- have NMDC fund them
- with the goal to spin them off for real value as new stand alone companies.

Works for me.

In the past, companies like Giralia, Cape Lambert etc have done this same approach and shareholders have got interests in 2-3 spin offs + returns of capital when they sold projects for cash.

The only difference I see, is we have NMDC which has a $4bn cash bank account, and any bank would lend dollar for dollar on that basis, so you could say NMDC has $8bn in spending money.

Not much you cant buy for those numbers.

Short term there may be some bumps and down days, but longer term there seems to be a real strategy in place to make some serious dollars from projects.