RE: Mr Paul Smith and Glencore: Tactics12 Jun 2025 13:40
The Las Bambas case is the exception, not the rule. It succeeded because Glencore controlled the process, enforced competitive tension, and had a mature, de-risked asset. SolGold is nowhere near that stage β it's still pre-development, single-asset, and riddled with governance baggage. Chinese SOEs only paid full NAV at Las Bambas when forced to by a seller with leverage and alternatives. SolGold lacks both. The current 7p share price may be low, but calling it βartificialβ ignores market realities: uncertain permitting, huge capex, and limited credible buyers. Without a disciplined process and competing bids, there is no Las Bambas premium β only Las Bambas delusion.