The market has priced in some sovereign risk - with some...

The market has priced in some sovereign risk - with some justification imo. In Jujuy there seems to be some statements from politicians and others about higher royalties, state involvement, social benefits, value adding through manufacturing etc. I'm not clear as to who is who in local politics, perhaps these are just mavericks expressing their own thoughts that aren't likely to be enacted. They are pretty common ideas from the left of politics the world over. Salinas Grandes is in a different province and unaffected, but it seems to have attracted some opposition from local indigenous groups. Possibly these are of less concern and they seem to be based on misunderstanding of the likely impact of the projects. Still there is some work for ORE to do in educating and bringing them onside with financial and social benefits, as they did successfully at Olaroz.

Hopefully these risks are mostly priced in now, but they are going to have to resolve them prior to a re-rating. There's no point having the best resource in the world if you can't exploit it. I'm confident these concerns will be overcome, but wouldn't rule out delays, or possibly some extra costs.