Running discussion on SP, page-51485

I'd say there's a whole bunch of reasons, most of which are more to do with AVZ's situation than LTR's.

Jurisdictional concern, mixed with historical doubt over the company and its prospects of getting to mine, third class management, questions over Chinese influence, uncertainty over permitting, transport questions, other perceived sovereign risk elements and DRC perceptions, the bloated SOIs, frequently missed deadlines etc etc..

I'd say there will be a re-rate after things are more certain that this company will be taking this deposit to next stage, namely through ML / MSEZ / financing, but I suspect it may still not match some of its peers under this management configuration - at least until construction is actually complete, at nameplate, and ore is being shipped to clients.