They can put all the meat on the bone they like, (while this is great news) there is absolutely no cash to pay for any of it. Mungari or Kemerton. And given how much of a drag the Northam project has been, even if they did have the money they won't be up and running for years.
The only way is through yet another dilutive cap raising and why would you bid up a stock just before a discounted cap raising?
I wouldn't want to be the 1.6m buyer on friday, perhaps he/she knew about this news and thought there would be a nice pop in the price but they most certainly will get a call from ASIC with a relatively large parcel bought so close to a price sensitive announcement. Plus they are underwater anyway a 4c.
CCE Price at posting:
4.0¢ Sentiment: Hold Disclosure: Held
