Interesting simon's more considered research echoes my back of the envelope guesses:
market doesn't yet value PB as it's all inferred and path to mining is less clear than AN (at this stage).
risk of capex or timeline blowout. Clearly they've hired people to ameliorate this: regulatory hurdles and delays are a biggie here, as well as the usual Things Go Wrong stuff that can happen trying to build complicated equipment.
Correlation does not imply causation but the SP is doing better on the back of today's ann than I expected. I thought the climb would be slower. At this stage volumes OK but not outstanding, but it will be interesting to see if 8.2 holds as support in the medium term. At 8.6/8.7 as I type, good effort for a non market sensitive ann.
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