For the first scann nothing suspicious there. JEMSE has exercised their options, so as of now, the project has officially 3 owners and our Chinese friends have lost its majority (not counting the share of LAC itself).

LAC still keeps mid 22 as competition date, which is good but doubtful, because they still have 20% of the project to complete and the progress is not exactly fast. I am calling another delay to be announced in September, which makes any call options worthless.

I am bit puzzled to see “share of C-O loss” on LAC P&L. How it comes? Any loss at this stage should be capitalized IMHO…