The fundamentals have changed for CBH. Where's Panorama now? It...

The fundamentals have changed for CBH.

Where's Panorama now? It was supposed to be coming on-stream in 2009, if you believed the gumf in mid-07 the company put out. EPA, blah, blah, blah, its all the same and irrolevant - poor project execution.

Rasp is dead - there's no way they'll afford a $130M mill if they have to cut costs at Endeavour to survive. They are too proud and stupid to cut a toll treatment deal or a co-development deal with PEM and get something out of Rasp, into which they sunk a good $35M in decline development, now all wasted money. But if they take the ego out and let PEM at it and take less than 100% profit or equity in Rasp, it will "return shareholder value", something alien in this day and age.

Then we have Hera. Decline into that, no sign of production. Where's the "four mines by 2010" we were dreaming of in 2007, which even if we punched in zinc at 80c, would have supported the 60c we paid back then?

ITs all gone into a pall of smoke and mirrors and the groom's inability to consummate a deal. Well, CBH is knackered I reckon. Its on the mat, mouthguard drooling out, knocked out by the zinc price, and it got too caught up in the management egoes to get Panorama on stream on time and get copper revenues flowing in to moderate the zinc risk. That should have helped push Hera into production, further diversifying commodity risk and mine risk.

But no. Everything is now reliant on Endeavour, and its sick.

Cash your chips and get into financials. When they cut the interest rates, listed property will recover. CBH won't. It'll be back to a shiploader in no time.