Yep, very probably at least the perception of exchange problems, if not real. Recall that's what shut down their Klipspringer project. Another probable restraint on the PPS is the hedging program that once looked so attractive. Don't recall the exact figures, but platinum is way, way up compared to those contractual delivery obligations. Palladium, on the other hand, might be a bonus at these levels, although I don't recall the weighting of one to the other. However, the facts might not matter so much as the perception.
Oh, one other thing. The company has proven a great disappoint on the diamond front. With all their expertise, they've not found and been able to hold onto anything offering rich and sustainable returns, let alone any exciting prospects in recent years. I recall, however, Messina was to be the springboard to a self financing future in diamond exploration and development, so it's not too surprising that exploration (and maybe the PPS) would suffer while Messina is advanced. |
