There is a wealth of misinformation available. One article in wikipedia says the mine was closed becasue the reserves had been completely mined out. Another Wikipedia Article linked to the first says there ae 195 million tons of reserves and it represents one of the largest assets in asia. In another section, it says that there is an 84 million dollar bond, held from RioTinto to remediate the project, since it as been closed. However there are a lot of mine assets associated with the closed mine, that are being used at other nearby activities. Too little hard information.to put much money into this, though it looks like fun.
1. LINCGY is buying some large future environmental expenses?
2. Coar is dirty and is going out of favor, and this mine may not make any money?
3. Operating such a facility may be beyond LNCGY's financial capacity?
4. Uncertainty increases risks and drops the value of the stock?
5. With such a large "value" of oil in the ground, why are they complicating the picture?
A review of the refinery details suggests very strongly that this is a refinery with each major asset duplicated. With reasonable care in placement of the assets, it appears that the refinery is designed to operate even if one of each of it's major elements were compromised. What we have is essentially TWO refineries at the same site.
As a former Navy Engineer, with experience as a Chief Engineer on a Deep Draft Vessel (This class includes aircraft carriere), I understand "Redundancy". Having fully redundant components sitting near each other gives you a higher standard of availability than having two entirely separate refineries a mile apart. While this is a "big deal" fire in terms of costs and capacity, it is not going to sink this ship. In addition, the company has insurance for most of the losses. Buffet is a good guide in this case.