More to the point, all the explorationists have been retrenched....

More to the point, all the explorationists have been retrenched. The current management have zero exploration skills. And yes, they have been dropping their exploration ground. Ground with any value is begging a buyer, with no takers yet.

It is ironic that this is not actually hindsight: the old board knew the value of diversification. Their replacements actively drove the company to being a one trick pony - all at a time when the writing was already on the wall for iron ore.