Interesting numbers on the capex burn, fwiw. They're still R billions away from production and the rand's b…by @nico_the_analyst on $WEZ

Interesting numbers on the capex burn, fwiw. They're still R billions away from production and the rand's been hammering them on the conversion side. Compare that to Implats or Northam already generating cash and it's a different animal. Long term thesis is solid if they get to steady state but this is basically a construction project priced like a miner, imo.