awfull half yearly, page-3

you probably bought mine then mophead, I sold mainly because I dont like seeing an extra $20M plus in fixed term loans compared with this time last year.
I to was buying up to the time of this half yearly

TO me they have a bunch of assets worth around twice current sp on an extrinsic basis but not much use having them if they are never to get utilised due to continual under capacity as far as production goes, so the assets intrinsic value to NAM is a lot lower than their extrinsic value.
THey are only holding those excess assets(gins) to prevent competitiors entering the market.