today's the day, page-87

Who said anything about backing yourself into a corner? Still need to progress towards production, but need to grow the asset base as well.

You only have to look at companies like Giralia who got taken out at a great price, because they had an asset that met the needs of a bigger fish. Giralia never produced, or even came close to producing, a single ounce of iron ore. PS...for those of you moping over the share price, take a look at Giralia's share price history from the GFC (trading below cash backing) to when they got taken out.

You can also look to the likes of Riversdale, Sphere, Sundance and NEC who pretty much mirror the Giralia situation (Riversdale had some anthracite production in SA, but they were taken out because of their sunbtantial coking coal resource).

Anyhow, different opinions are what makes a market Kruiser.