Need to bear in mind COY's interest is reducing to 28% when...

Need to bear in mind COY's interest is reducing to 28% when comparing market caps. They need to reach a critical mass of tonnage in the Nakru area to justify capex. I had high hopes after the first hole, but subsequent holes have been a bit disappointing. They didn't overlay the IP anomaly on today's ann but if that is to be believed they have already tested most of the strongest areas. Still there are interesting targets nearby to test and they could potentially make up tonnage with a number of smaller deposits. With Simuku likewise the results disappointed, but still plenty of areas they may wish to test. The next pass may be more successful with better information.

They may also get more interest if they took on a project that they own 100%. PM raised a good point that the majors may take a long time to develop a project if it isn't "world class" so good to be in control of your own destiny on at least one. Worth also keeping an eye out for the ELAs in the pipeline.

I'll be back at some point...