Folks,We all take big hits from time to time, this is not that...

Folks,
We all take big hits from time to time, this is not that bad. At least you still have the a company and an implied resource. It will recover. I lost 100% on Babcock and 98% on Babcock Infrastructure in GFC. What looked like great investments were let down by bad management.

I feel for you all, glad I was not a holder but experience the same perfect storm with Oxiana now OZ minerals when it merged with Zinifex. Stronger for longer they said! Bought in at $3.80 and saw it plummet to 48c. Then Owen took his famous $9m handshake and Michelmore rode off with the rest of the assets with the Chinese. So I lost 80%. Still hold. It's now back to $1.25 and its been 2 years since that merge. Granted the Chinese took a big slice but we kept the main resource.

The difference here is we know Prominent hill is a golden goose and in full production. I think Wayne believes in Rocklands so much he lost sight of the reality and spent 4 years trying to prove it was a monster resource. Maybe he will one day, I feel sorry for him and shareholders. I read the JORC Ann and he really seems to make it sound as if it was an amazing result! The market saw differently.

OZL is way undervalued. This is the problem - recovery from a disaster. Even when we know the true value, punters will not push the price to fair value. I'm amazed BHP nerve made a grab for it but said it was not a tier one mine.

Lads if you want the best copper plays look at OZL and PNA.

Especially PNA in Laos and Thailand - no effect from Mining Tax and it just keeps churning out the copper and gold.
I hold PNA as well. Up 46% in 12 months (But took a hammering in GFC as did the CU price).

For my 2 cents.. CDU will bounce back over the next few months. I think WM has learnt a big lesson and will probably get someone to check his Anns from now on. I think he will be even more determined to prove the market wrong by finding the Rocklands mother load one day!

Regards
DaveJ