Thanks for this analysis. It is indeed puzzling why the share...

Thanks for this analysis. It is indeed puzzling why the share price is so low, and why no one has made a reasonable offer for the company. The Thera offer was way too low, because they don't have the cash to make it worthwhile, but I think they were seeing a bargain if they could get control or even a decent chunk of Focus. The cash flow from Focus when it resumes mining would fund their South African venture.

I think I have written on this before, but my information is that the area from which Shandong comes is very conservative, and they are governed much more by a fear of failure - compare the direct opposite strategy of the previous management - "expanding rapidly into a rising price of gold". That is why they have been so incredibly cautious. By the way, this information has come from a source formerly directly involved in the company, and confirmed by others who know the Chinese mining scene well.

They have had a false start in trying to sell Coolgardie to fund development at Laverton, but that deal didn't quite get off the ground. Who know what else was going on behind the scenes? I am actually glad they didn't sell Coolgardie, as there is a lot of very profitable gold there, and in the end we will make a lot more from mining it.

Now we are waiting for the long overdue announcement that they have started to refurbish the mill and give us a date for the resumption of mining. When that happens, I can't see the share price being below $1, but of course I have been disappointed before by this company.