I can agree with most of the sentiments outlined above.MON is a...

I can agree with most of the sentiments outlined above.

MON is a complete duster. They burnt thought $20M last quarter and has 600k in the bank. The Davyhurst projects are haemoraging and the Hill 50 developments are years away. TTY shouldnt be in there (and some would say that MK's ego is clearly the only reason why they are).

Notice how the rhetoric has changed over the last 6 months or so. Initially Mk's line was "bulk commodities are different to gold therefore different vehicles are required". Now it's "I will invest money where I can make money". Rubbish. He is simply using TTY cash to prop up the MON SP with on market buying pressure. Next thing we know they will be doing a large cap raising and TTY will be pouring more money into their coffers.

On the other hand, I can agree that the MON connection isn't going to be major problem for TTY. They can afford to lose the money.

I just dont see the point and would much rather see the $10M or so invested to date spent on exploration/capital works at Frances Creek. Bottom line is that they are a MINING company not an investment house. If I wanted an exposure to MON, I would buy their shares. Notwithstanding that I can see the value of strategic investments in the mineral sands companies etc, but there is NO strategic rationale for the MON involvement.

At the end of the day, this whole situation reflects poorly on management, and THAT is the real damage that it is causing. TTY is undervalued on the basis of its operating assets, but the market will have difficulty rectifying this whilst management appear to be frittering away $ (even if its not major amounts) on propping up their other interests.

I am a long term holder of TFE/TTY, but I am seriously questioning whether its worth hanging around. The only thing that keeps me from selling is the knowledge that the Frances Creek porject has some serious upside if they can hit some exploration targets and meaningfully increase the resource base.