Jojo,
Xmass just comes early some years.
I note many just don't get the JBM value proposition. The high grade, lowcost attribute is low risk value. It is sentiment independent. You can guarantee to capture something like an extra A$3/lb when everyone else is going broke on a low pon. You can therefore capitalise that at a high PE (because it is low risk, longterm, noncyclical) and add that value in when comparing with another company.
LIM was a much higher cost producer. Apart from stumbling on Anomaly 1, JBM has made no effort to find LIM grade deposits.
Also when exploration is 15 c/lb, which such prospective geology (of which I know nothing) you have got to see this as still an exploration driven company. Nearterm production is merely the bonus, and funding for the development.
EL
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Jojo,Xmass just comes early some years. I note many just don't...
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