Mullet Fish, I think unfortunately you're spot on and I canÂ’t argue that Pallinghurst will get caught up in the negative iron ore sentiment but I still feel that this stock warrants more cheerleaders. 40% of its investment portfolio (as at 31 Dec 2014) relates to a listed stock (i.e. Gemfields) that is up north of 30% in the last 3.5 months, yet Pallinghurst is languishing 15% lower than its December price. Iron ore only comprised 15% odd of the investment portfolio. TshipiÂ’s cash flow will certainly get hurt but it is a low cost open pit mine that can survive the storm. The ZAR platinum basket price is flat (up 0.5%) since December; Sedibelo was profit positive in FY14 with a sizeable cash balance, so again limited justification for the poor PGL share price performance. I think unfortunately PGL is a bit too small for the institutional chaps to consider and retail investors are avoiding anything with resources exposureÂ… so for now it stumbles