...why is been such a dog?
Our my back of a beer mat numbers it has A$100m market cap, with $55m or so of net cash! This values the Peruvian Iron Ore and Berau Coal asset in Indonesia at $45m, when the real NPV I reckon is 400-500m!! And that's before spot prices ramp up which the recent move in the BDIY is telling us is imminent.
Also look at the shareholder base. The Russians have 20%, management 20%, and activist investors like Eye have at least another 10-15% combined. This is going to get squeezy. I doubt they are there to justify an annual trip to WA, I suspect because the iron ore asset is massive. This thing looks very, very cheap!
Does anyone have a view?!?!!?
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