I agree Sirmac-Clapier would be a big risk but I'd visualise a small exploration programme until anything worthwhile showed up.
When the Renard purchase delay first came to light I saw it as management being too frightened to commit to it without a strategic partner and I still think that. The story about being in a better bargaining possession by delaying sounds fanciful. Rather, I think it just weakened our bargaining position. No matter what they have said publicly I think management would be realistic enough to know that potential partners are holding the whip hand now and there may in fact be no acceptable deal forthcoming. If that is the case by August I believe they will forego Renard. Anyway, if it's still sitting idle in two years time they might just get it for peanuts if the lithium price improves enough to justify pushing ahead with Adina.
Then again maybe LLL will see something in a fair deal and take over the reins. We might be better off in that scenario.
WR1 Price at posting:
24.5¢ Sentiment: None Disclosure: Held
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