sniffer17 Oct 2012 17:28
On relection, I don't think that this is too bad a move. Ok, it's a bit disappointing that we have been waiting an age for drill results/jorc etc and will not see the benefit of those but I have to agree that today's market is challenging for new projects, particularly in Oz where one of their spokesman came out recently to say that the Oz mining bubble has burst. As long as we gat fair value out of what we have, we can pay down the debt and invest the remainder. You can't beat a bit of cash in the bank sometimes.
Yes, further investment in Galaxy certainly wouldn't be the worst decision in the world but I get the impression that they might want to diversify into other startup projects, some of which might be good, some of which might not be. Interesting times ahead that's for sure and with Galaxy underpinning the share price this could see some decent returns for shareholders in due course. All in all, it's a hold for me at this stage.