I think all 3 factors are playing a part. The Mgt team don't really inspire me at this. Not a proven combination as of yet. Resource upgrade is majorly important as this will give the mine time to recover from MK and other bad investments and decisions (ie hedging). IO price is a factor but if it were not for hedging and MK this would be doing OK.
Remove hedging (aug 09 ), tonnes increased to 2mtpa and regular upgrades should see this improve in the future.
IMO the market is cautious on anything without a reserve base and too much debt.
I am holding in hope also. This time nest year will give us a good indication where we are heading. IO prices will be set and some more exploration may take place to either increase resources or let us know that there is nothing there.
IO upgrade as stated to 20mt and I will sleep easy.
I think all 3 factors are playing a part. The Mgt team don't...
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