sick old dog, page-12

Joe,
I understand there are different opinions on LCE. In any case their are fundamental problems no matter who is at the board.

I don't understand why one would but PSH at 40c. I don't see a scenario where they would return a good dividend let alone one in proportion to the risk. I can however envisage many scenarios where they have to close Osborne down.

To me the key downside risk is plant failure. Another risk is that the appreciating AUD makes imports more competitive and eliminates their wafer thin current margin.

The loss of a small proportion of the Australian markets will make their plant subeconomic if they can't sell their full output capacity.

bacci