As usual ...Trevali manages to snatch a defeat from the jaws of victory. In advance of what should be a solid Q3 they announce a consolidation and more or less give away Santander. The consolidation is largely immaterial as it changes nothing about the companies valuation, the problem with it is that less than 2 yrs ago the CEO flatly ruled it out, and now here they are doing it. Doesn't inspire trust. Santander is a poor asset in a risky jurisdiction that didn't have a long future ahead of it. That said Zn is at almost 1.50/lb I'm sure they could have extended it another year and even with a highish AISC it would have contributed. By ditching it they give the impression they are doubtful about the future Zn price. Some shares in a marginal penny miner isn't much compensation and does nothing for debt reduction. Finally it leaves a hole in their total Zn production between the closing of the deal and RP2 kicking in, just as Zn priced are high. Really hard to know what these guys are thinking, they seem to change direction 9n a dime and have no overall plan. Really