Ash, this is spot on. One has to start being very circumspect about the $11.50 + share price under the circumstances. ILU has had a really lucky run over the past few years with high stockpiles of finished goods that have now been depleted, the gift of Jacinth (coming to an end) and soaring commodity prices. Adding extreme complexity with the REE play is something that will need to be closely watched for long term success, irrespective of how it was funded.
You'd think that if the SP hovered at these good levels and with the backdrop of ILU no longer being a successful 'mining ore and concentrating it for transport' (your words) company, they're heading into dangerous territory with the lack of resources and selling would become a viable option at these levels.
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