Its a bulk commodity. It was always going to be difficult to mine it and sell it for profit. Noble took a small punt and made sure they had the licenses as security. Grades were only ever part of the equation. The output and the transport and other logistics were as important as the grade.
Nothing ever added up. They had high grades but walked away to concentrate on a lower grade pit. They had no money yet had stockpiles of ore they chose not to sell. They survived on debt and each deal was worse than the last. And other than salaries where did it all go?
I kept a few. Just enough for any SPP that might have happened to recapitalise the company.
KAB Price at posting:
0.1¢ Sentiment: Sell Disclosure: Held
