I think Mr Murdoch's actions (selling his shares recently at quite low prices?) may be more relevant than his words.
Yes, they can pay us international value, but the Iranians have reduced that "international value" by cancelling the agreements (making it worth a fraction of what it should be?). They can also make us wait a long time before paying "international value", and the present value of international value in x years' time maybe a lot less. We are dealing with some of the most persistent hagglers in the world here? For one and three quarter years we have been arguing over how to share the possible profits from Mehdiabad, and we still haven't got an agreement?
Also the zinc price has fallen quite a bit, such that AIM Resources' Perkoa project in Burkina Faso has had to be mothballed (a high grade zinc mine with a 10 year mine life?), and the low zinc price may not help give us a high "international value".
Continuing to hold (1120k).
UCL Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
