what the..?, page-9

red,
Any t/o by PNA gets back to PNA bal sheet strength, (unless PNA use script). They are net debt free (but only just), but will have significant opex wrt to the wall cutback - lower production coming through due to reduced grades. It would not be good for them to gear up the bal sheet and then find that copper prices fall and they are suddenly a distressed company.

IMO, they need to "keep to their knitting". They have a plan, they should keep to it.

HT1