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It is good stuff, Erik. I also agree that the current SP is probably underpinned by the unhedged output for 2006.
However they are still spending cash over at Jerooy, in preparation to mine, and there is no guarantee that they could recoup this cash if they failed to get that Jerooy licence.
The delay now in awarding it is becoming rather ominous.
At the least, there may be renegotiations of the terms, in a way which would possibly reduce OXS' share of profits? we'll have to see. I've more hope of the licence at Marakand , than Jerooy.
H.