tailings, page-3

It seems a HUGEly capital intensive project to develop for a player the size of PNA. I think this is likely the reason why the market has marked it down so harshly of late (it was a Commsec strong recommendation but no mention of Frieda at the time and have seen no updates from them since).

Do we think that they are really intending to develop it, or like a small property developer are they intending to get the approvals in place and then flip it for a substantial capital gain?

Genuinely interested in people's opinions.