I think it's a 50 cent stock if you take a long term view. That said they will need to make sure they can ride out the low in this cycle. They don't have many levers to reduce costs by highgrading or deffering capex.
If I was going to drop money into spec resource stocks this would be a good bet LT at 25c. Another one is CGX.
Smart money is that PNA won't be able to raise the money for the expansion now so do your numbers on 45-50ktonne pa and factor the costs up by 30%.
PNA Price at posting:
20.4¢ Sentiment: Hold Disclosure: Not Held
