I did buy a modest stake averaging in the high 30's, but sold out after the news of the Dept Mines shut down.
The quarterly was about 10,000t short of what I thought the should have milled. They could have also reported on at least three weeks of July (this is what they did in the March quarter re April production) to make the case that things are on a consistent up-trend. Instead the have just asserted that they'll get to 60,000tpm by the end of this quarter.
In addition, it is not clear what the attitude of the Dept of Mines will be going forward - yes shutdown notice was withdrawn, but maybe on the technicality of lack of due process, rather than the substantive issue.
Overall, I thought there were just too much risk in the stock for me, but good luck to current holders.
angus
PLA Price at posting:
30.5¢ Sentiment: None Disclosure: Not Held
