i agree, except the last bit about the property development. It...

i agree, except the last bit about the property development. It is a weird distraction but overly fixated on in my opinion.


i think broadly investors are concerned they will destroy value on crap ventures more in their core area or just never return anything to shareholders. You provide long term capital to a company exposed to a single mine and they leave the size of the prize in cash without distribution or clearly articulated plans for the cash, they deserve a discount to book. Won't change till that changes. imagine if the operating asset had a fatal shock, incurred a significant legal/environmental issue or the market dynamics had irrepressible shocks... that cash could evaporate. Play with money that has a cost of equity and receive cash interest rate (on such a sizeable asset) and have no clear plan articulated to non-Chinese shareholders = discount to book and poor market rating