Tens of billions of miles northeast of Jiuhe City,Is a very wide area,The sea is as gorgeous as jade。

And in the blue sky,There are countless islands scattered on it。Most of them are real【Island】,And others,If based on the standard of the material plane,Undoubtedly【mainland】,There are even islands larger than the size of a physical plane。
And on one of these huge islands。There is a colorful city【Lin Puppet City】。
Lin Puppet City was once the residence of the master who created the death puppet,Although the master has already fallen,But it has gathered a group of people who are good at alchemy,Create all kinds of puppet gods。Simultaneously,This place is also the center of metal life production,The price is 30% cheaper than outside。
But Elek didn’t have much spare money to buy puppets,She even plans to sell the puppets given by her brother。
“Damn it,Elsewhere, my high-ranking death puppet can sell 70 million source stones.,Why can only sell 55 million source stones here?!”Elek’s eyes widened,The staff looking at the blue sky castle。
The staff member rolled his eyes,But because the other party is a high-level beauty, I still explained it.:“This lady,We are Lin Puppet City,The origin of the puppet of the entire life god world,The price of puppet goods is much cheaper,No matter the sale。”
“Hey,Then sell these godheads and sundries!”Elek gritted his teeth,Take out the remaining belongings。The death puppet is his most important combat power。
“Ok,Eight Higher Godheads,Source stone worth 56 million。”
“15 high-level artifacts,And the middle godhead,Several mid-level artifacts,A total of 16 million source stones。”
“These clutter,Add up to three million source stones!”
The staff finally gave Eleker a total of 75 million source stones。
Elek gritted his teeth,She saw it just now,The cheapest house in Puppet City costs 80 million source stones,And she has nothing else except the artifact in her hand。It seems,I can only sell the death puppet,But I’m really unwilling。
“Elec sister,I put together 12 million source stones here!”A barefoot girl in black ran over,Shouted to Elek。
Elek was taken aback:“Denise,Where did you get so many source stones?!”
The middle god known as Denise smiled:“We sold some of the weapons on our three handles,Then sell the upper godhead。”

“Ok!I can sign,I can get the divorce certificate tomorrow,But I can’t let anyone know about this,His mouth is best closed,If this happens,,Not good for everyone”Tang Ping said,Chao Xiajian glared。

Xia Jian smiled and said:“Rest assured,Who’s okay talking about you,Moreover,I am in Pingdu,What’s the point of talking about your provincial capital”
“Humph!Flat urban?Ouyang Hong’s previous photos!Came out today,You can really pretend,Made me cheat,All is not me alone,But what about you?”Tang Ping said,My face changed。
It’s a pity that he can’t beat Xia Jian,Otherwise he would have rushed up to show Xia Jianhao。
Ouyang Hong shook his head helplessly and said:“Tang Ping,Don’t think that everyone is as dirty as you。Between him and me,Innocent,So you don’t want to guess。The reason why i divorced you,You know it best,Crowded here,I will save your face”
These two words of Ouyang Hong,Stabbed Tang Ping’s sore spot,He picked up the pen,Wrote a few words on it,I signed my name after writing。
Ouyang Hong frowned and took it,See a sentence written above“Ouyang Hong,Any other property has nothing to do with Ouyang Hong。
Tang Ping can also be regarded as a way for Ouyang Hong to survive。If we take back this house,Ouyang Hong really has no place to live for a while。
“I can’t have,You pay half of the money in this set”Ouyang Hong said seriously。
Tang Ping snorted coldly:“forget it!You are the baby’s mother after all。But I have a sentence here,If you marry anyone in the future, it has nothing to do with me,Only can’t marry him,Otherwise I will be endless trouble,Even if it takes my life”
Xia Jianyi listen,Can’t help laughing:“All right!You have no chance,Ouyang Hong and I will always be friends”
When Xia Jian said this,,Ouyang Hong looked upset,But Xia Jian didn’t find out。
Tang Ping made a statement when he saw Xia Jian,And said to Ouyang Hong:“I will move my things tomorrow morning,See you at the door of the Civil Affairs Bureau at four o’clock in the afternoon”
“it is good!I will give you half a day,I’ll change the lock in the afternoon”Ouyang Hong finished,Take Xia Jian and leave。
When they came out,I saw Yao Junli standing on the side of the road anxiously looking inside。As soon as she saw Ouyang Hong and Xia Jian walking out together。

“What silly thing are you talking about?Do you think Jiang Qizhi can handle it so easily??Stop thinking!I thought of someone,I’ll talk to him,Maybe there is a way to hold on for a while。”Zhang Bo said helplessly。

“Ugh,It would be great if Lu Menglin could come back soon!”Zhong Liying is not very reliable after hearing these,Sigh softly。
For a time,Everyone in the office is silent,Everyone hopes that Lu Menglin can come back soon,Even if there is news,Only he can lead everyone to tear through the darkness before dawn,Bring a ray of light。
At this moment,Lu Menglin was so nervous,exactly,As long as it’s the generation who grew up watching Hong Kong movies,No one will not be curious and nervous about this scene。
The fishing boat sailed into the river,There are dense jungles on both sides of the river bank,Full of the unique breath of subtropical plants。
After the fishing boat docked,A team in military uniforms appeared on the dock,Soldier with live ammunition。
Lu Menglin couldn’t recognize which country their military uniform was from,But just look at the cold eyes of these soldiers,And the tough posture when holding the gun,I know these are veterans who have seen blood,Cold-blooded,Definitely not easy to mess with。
but,After Tu Chuan went ashore,Those soldiers are very kind to him,Behave respectfully,Even some fear。
Tu Qingchun had a brief conversation with the leader of this army,He and Lu Menglin got on the military vehicle by the river bank,Swaying to the depths of the dense forest。
Listen to the accent of these soldiers,Lu Menglin heard these people speak Thai,But this place is not necessarily in Thailand。
After the military vehicle bumped through the dense forest for about half an hour,Came to a camp。
Look around,This campsite is several times larger than the village passing by outside,The periphery is a tall watchtower,There are stilts in the camp,Looking far away,I’m afraid there are more than a hundred seats。
There are soldiers carrying guns everywhere in the camp,They are in groups in groups,Someone is training hard,Someone is betting,But all have one characteristic,Just don’t leave the gun。
What surprised Lu Menglin was,He actually saw a group of small baby soldiers,They carry guns higher than themselves,Get together to play,There is no childlike innocence on my face,Only gloomy eyes and a playful smile。
“What is this place?Too complicated!”Lu Menglin secretly surprised。
He didn’t know what Tu Chingchun did when he brought him to this place,Probably nothing good。
“This is the golden triangle,One of the biggest forces,The site of Chatuchai。”Tu Qingpu seemed to see the doubt in Lu Menglin’s heart,Casually smiled。
Lu Menglin gave him a complicated look,Questioned later:“we,What are you here for?”
“take it easy!Chaducai is also an arcane warrior!Here is the same as that island,All belong to the Hainuo laboratory。”Tu Chu said with a smile。
Lu Menglin was shocked again,Unexpectedly, the power of Hainuo Lab can extend to the Golden Triangle。This is a big warlord in the Golden Triangle.,Powerful armed forces in hand。

This damn Xiao Fan,Wouldn’t you say it well if you are good??

When I heard the first half of what he said,Still very happy。
But I have to add the last sentence,I don’t even have a good mood at all。
So after Lin Yoona gave Xiao Fan a stern look,Just coldly snort,Then he turned his face out of the window。
Don’t look at that pesky,It will only increase your worries。
Enjoy the beauty on this road for yourself!
To say this provincial city,Actually, Lin Yoona has never been here。
I just came here while discussing business.。
And Lin Yoona still remembers,Every time I talk to people in the provincial capital,People will ask themselves,Is it related to the Lin family in the provincial capital?。
And Lin Yoona has always been a very strong person,So every time someone asks this,She will tell them very firmly,Lin Yuner has nothing to do with the Lin family in the provincial capital。
She only belongs to the Lin family in Yun City。
Lin Yuner is very aware of the influence of the Lin family in the provincial capital,If I say she is from the Lin family in the provincial capital,So many of her businesses,Will do a lot easier。
But she doesn’t want,She is not willing。
Lin Family Home,Lin Yoona has never been there once。
Now I’m getting closer and closer to the destination,Lin Yoona’s mood becomes more upset。
Even if she is now enjoying the beauty outside the window。
“You are worried about the Lin family in the provincial capital?”Xiao Fan suddenly asked。
After Lin Yoona heard the sudden voice,Also turned his head immediately。

“amount,Patronizing,Forget about business!”Michelle scratched her head embarrassedly。

“Joe,I finally wanted to understand just now,Why today before we leave from your second uncle’s house,When I heard your second uncle talked about the last time the jade pig dragon was lost,The reason you are so excited!”
“Oh?is it?Then listen to it?”
Just before Michelle broke into the bathroom,Qiao Tianyu is about to re-examine this matter,Since Michelle has his own understanding of this,It’s okay to listen to Michelle’s thoughts first。
“Joe,I know before we go to China,There have been two problems bothering you。”Michelle turned into a roundworm in the belly of Qiao Tianyu,Explained literally。
“The first question is Lily’s authenticity,You don’t know what Lily’s intention is to send you a little fat face and Xu Jiahao to talk to you,And this question will completely determine the direction of all our actions from now on。”
“So you had to go back to China to investigate Lily’s problem,And I believe that through this investigation,You have completely dispelled this doubt,You also come to the conclusion,Lily really wants to help you,right?”
“Ok,You go on。”Qiao Tianyu is not commenting on Michelle’s question,Keep asking。
“The second question is the leak of Wu’s nephew’s plan。”Michelle went on to explain。
“That is whether Lily is loyal or evil,But there is one problem you have been puzzled。”
“That was four years ago,Borrowing from the name of the four major consortia in Southeast Asia, Wu’s uncle and nephew bought a large amount‘Diplomatic bond’In less than three months,Goldman Sachs Group began to operate in the dark‘Diplomatic bond’。”
“And shortly thereafter,Design ideas provided by Lily、Successfully developed by Xu Jiahao,And by the Goldman Sachs Group‘Diplomatic bond’Holders of large institutions‘Manhattan Conference’on,Grandly launchedDBLPBond。”
“Later on1992After the British Pound Crisis,Soon after Wu’s uncle and nephew laid down the strategy of using the pound exchange rate prevention and control system to contain the UK,Lily provides design ideas,Successfully developed by Xu Jiahao,And the Rothschild family launched a new version of the pound exchange rate prevention and control system。”
“As for why the Arrow Sakura organization can always be the first time after Wu’s uncle and nephew secretly arrange,I learned about Wu’s uncle and nephew’s secret plan,And quickly adopted highly targeted countermeasures,Suppress Wu’s uncle and nephew。”
“And Wu Minghao is pretty sure that their plan has never been leaked,This is incredible,If the plan is not leaked,How did the arrow cherry organization learn about Wu’s uncle and nephew’s plan,Or is it all just‘coincidence’?”
“Joe,I know there is never in your dictionary‘coincidence’Two words,Although you don’t know what’s wrong,But you think it’s definitely not easy。”
“And this trip to Qiao’s Castle in China,When you heard your second uncle talk about the loss of the first jade pig dragon,You suddenly get excited,If i guess right,You have determined that the problem must be with Wu’s uncle and nephew!”
“Oh?why?Why do you think I think the problem lies with Wu’s uncle and nephew?”Qiao Tianyu stared at Michelle with trial eyes and asked。
————
First0477chapter traitor

————

Little Tsai is one year old,Ask for a day off,At the same time cheeky begging for votes
Today is the day when the millennium frame Xiaozizai turns one year old,Actually it is5month11day,But considering that relatives and friends are more convenient,So Xiao Zizai’s birthday banquet was held today,Congratulations and toasts in the face of relatives and friends,I really have to drink it for a thousand years,And drank very happy。
Just drank alcohol,I can’t code words,Sitting in front of the computer for almost three hours,Can’t just write2000Words,Feel bad,and so,Ask for leave with brothers,Please forgive me brothers,After all, today is a happy event。
At last,In the name of our little boy who is one year old,Brothers, can you give me some monthly tickets for my little boy?Thank you brothers and sisters for thousands of years。
————
First319chapter Do our job,Reputation is important
“Mr. Fernandez,Very nice to meet you,I’m kenneth,”Just meet,Colonel Kenneth gave Chen Geng a stern compliment:“Yourhummergave me a deep impression。”
“Thank you,”Chen Gengqian’s unpretentious way:“American soldiers are the bravest soldiers,The bravest soldier should have the best weapon。”
“The bravest soldier should have the best weapon?That’s a good point,”Colonel Kenneth thumbs up,Admiration:“Now I understand why I can develophummerSuch an excellent product。”
“Can’t say that,”Chen Geng’s humble expression:“Mainly because my company has many retired veterans who have fought in the Vietnam War。”
“Oh?”
“inhummerIn the development process,These veterans have given our R&D department many valuable experiences,Let us know what kind of car the army really needs……”
Colonel Kenneth overturned Chen Geng’s impression of soldiers。
Because the officers he had contacted before were all domestic officers,Everyone is more serious,But Colonel Kenneth is a very funny guy,And special chat,Always find pleasant topics,Such as the issue of veterans,The defense departments of these American auto giants,Which one does not have a large number of experienced veterans?
You’re welcome,The number of veterans in the hands of these car giants,At least dozens of times that of Fernandez,Not even those working in the first-line production workshop、Just as a production worker as an ordinary employee。
Also a veteran,In the hands of your Fernandez company, they exploded several times their combat effectiveness,At Ford Defense、Chrysler’s defense turned into a pile of shit?
Just kidding!
But Colonel Kenneth has the ability to chat with you very happily,But Colonel Kenneth tried so hard to chat with Chen Geng,Obviously not to make Chen Geng happy……

[Cappuccino cocoa cake practice]_Cappuccino cocoa cake common practice_Cappuccino cocoa cake practice Daquan_Cappuccino cocoa cake practice

[Cappuccino cocoa cake practice]_Cappuccino cocoa cake common practice_Cappuccino cocoa cake practice Daquan_Cappuccino cocoa cake practice

Appetite is also a desire, and in order to satisfy this desire, you will hunt everywhere.

Although you have satisfied countless times during this process, you are still empty in your heart, because you have not done it yourself.

In order to meet your needs, I will now introduce you to the practice of cappuccino cocoa cake.

1.

Refrigerate the cream cheese in the microwave over medium heat for 2-3 minutes until soft. Add white sugar and stir until smooth and free of particles.

Add the eggs 3.

Stir well and add vanilla extract 4.

Stir well and set aside 5.

Mix oil, water, and lemon juice well and set aside 6.

Low powder, cocoa powder, baking soda mix and sieve 7.

After mixing well, add sugar and salt 8.

Mix well 9.

Add the mixed liquid ingredients 510.

Use a spatula to stir evenly, taking care not to overdo it, no dry powder can be seen, and there are no particles on the line to avoid creases11.

Put a greased paper tray in the mold, pour cocoa batter, 12 to 7-8 minutes.

Add the cheese paste, put it in the preheated 175 degree oven, lower the middle layer, heat up and down, and watch the cappuccino cocoa cake introduction about 25 minutes above, then, while you have the latest and most complete memory, go to the kitchenBy doing this, you can definitely enjoy the “sweetness” of the food.

[Baby rice noodles eat several times a day]_How to eat_How to eat

[Baby rice noodles eat several times a day]_How to eat_How to eat

Baomao began to add complementary foods to babies around 6 months. There are many kinds of complementary foods for babies, and most of them choose to replace rice noodles for babies.

Baomao did n’t know that baby rice noodles were eaten once a day when they first added rice noodles to their babies. Here are the baby rice noodles and the correct preparation method for baby rice noodles.baby.

Add rice flour at the beginning and feed it once a day.

The first few feedings can be placed during the second feeding in the morning, pay less attention, and observe whether the baby adapts during the day, and if there is any discomfort, there will be no changes in the stool.

After your baby receives this food, you can add it with formula and feed it at night.

Feeding a baby with milk powder at night is not likely to be hungry and may reduce the number of waking up at night.

If it is water-based rice noodles, it is not as nutritious as milk, and the baby may be hungry at night, so it needs to be eaten during the day.

Regarding the ratio of rice noodles to water, we recommend that you follow the product ratio or consult the manufacturer directly.

It’s best to replace it when you first start feeding your baby.

It is generally recommended to use only warm water to prepare formula to avoid affecting the digestion and absorption of nutrients in the formula.

However, if the baby is exclusively breastfed, the formula can be used as a complementary food, and when fed only once a day, it can be mixed with other foods.

The right way to prepare baby rice noodles. To prepare baby rice noodles, it is best to feed them with a baby bowl and spoon.

Under normal circumstances, to prepare rice noodles, first put the rice noodles in a bowl, then add an appropriate amount of hot water according to the baby’s needs, and stir in one direction to form a paste.

It is pointed out that, in addition to hot water, some rice noodles can also be prepared with breast milk or formula milk, and can also be prepared with fruit juice.

For pure fragrant rice flour, 50 is recommended?
Warm milk at 60 ℃, and every day rice flour, 60?
Warm boiled water at 70 ° C.

The six categories of nutritional rice noodles series have detailed preparation instructions. Moms can prepare according to the instructions on the packaging to get healthy and delicious baby food.

Feeding baby rice noodles is the transition process of babies from advanced milk to complementary foods. Rice noodles are the first complementary food that a baby comes into contact with. Selecting a kind of rice noodles that your baby loves is a good basis for your baby to accept other complementary foods.

After that, it is recommended that parents should choose more appropriate rice noodles for food supplement based on the baby’s nutritional needs and taste.

Finally, I would like to remind parents that in order to ensure the nutritional balance of their babies, they should alternately eat rice flour rich in different nutritional ingredients, so that the babies can obtain comprehensive and balanced nutrition.

Fiberhome Communications (600498): First-quarter results exceeded expectations. Fiberhome ushered in investment inflection point

Fiberhome Communications (600498): First-quarter results exceeded expectations. Fiberhome ushered in investment inflection point

Highlights of the report Event description On April 30, Fiberhome Communications released the 2019 first quarter report, and the company achieved revenue of 48 in the first quarter.

810,000 yuan, an increase of 14 in ten years.

90%; net profit attributable to mother 1.

67 ppm, an increase of 19 in ten years.

71%.

During the comment period of the event, the cost was reduced, the performance was thickened, and the increase in R & D investment underscored the determination to prepare for 5G: the company’s comprehensive gross profit margin in Q1 19 was 24.

68%, Q1 of the earlier 18 years3.

32pct.

In terms of period expenses, the sales expense ratio is reduced by 2.
.

20pct, the management expense rate is reduced by 0 every year.

23pct, the R & D expense rate is reduced by 0 every year.

56pct, maximize the financial expense ratio to 0.

56 points, the overall expense ratio decreased by 2.

43pct, and the R & D expenses in the first quarter increased by 9.

73%, highlighting the company’s determination to actively prepare for 5G.

In addition, due to the changes in the performance of Chengdu Datang Cable Co., Ltd. and some non-wholly owned subsidiaries of fiber optic cables, the profit and loss of minority shareholders was changed to 111 in Q1, 18 years earlier.

71%.

Performance growth exceeded expectations, and diversified operations hedged the impact of fiber optic cables: Affected by changes in the domestic fiber optic cable collection and procurement prices and changes in the bidding scale of domestic operators, Fiberhome ‘s Q1 revenue and gross profit margin were only reduced to varying degrees from Q1 18,Overall performance increased by 19.

71%, exceeding market expectations.

We believe that the company’s outstanding performance in Q1 was mainly due to the contribution of transmission system equipment, overseas business, and the beacon star.

In overseas markets, the company relies on the general contracting model of system equipment and cable products to tap new potentials and continue to optimize the regional layout structure to achieve continuous growth in effective contracts. Contributions from overseas markets may be partially contributed. Some revenue may be recognized in Q1.

In addition, the impact of changes in customers of downstream institutions is gradually eliminated, and the fiery 19th year is expected to continue high performance growth and increase first-quarter results.

5G commercial transmission comes first, and transmission network bidding is about to start: Affected by the operator group’s decision on 5G transmission and the various influences of the 5G transmission scheme itself, the current market’s attention to 5G transmission construction is lower than the wireless side. We insist that 5GFor commercial use, the construction of the transmission network is bound to advance.

At present, the enthusiasm for 5G construction inside and 夜来香体验网 outside the industry is unprecedentedly high. Many provinces and cities are scrambling to plan for 5G layout. Some cities have started to build 5G on a large scale.

The 5G base stations that have already been built are really commercially available and still need to wait for the 5G transmission equipment to be in place.

The domestic 5G transmission network bidding is about to start. As a domestic optical communication leader, Fiberhome is trying to take the lead.

Investment suggestion: Due to the continuous expansion of domestic optical fiber and cable demand, Beacon has underperformed the market since the early days.

With the full acceleration of 5G construction, the company’s convertible bond solution has been implemented, and the domestic transmission network investment is about to start. Fibonacci is expected to usher in an investment inflection point.

We expect the company to have a net profit of 10-21 in 19-21.

09 billion, 12.

6.1 billion, 16.

3.9 billion, 19-21 year performance growth rate of 20%, 25%, 30%, corresponding to PE is 34 times, 27 times, 21 times, the key recommendation, maintain the “Buy” rating.

Risk Warning: 1.

5G commercial use is less than expected; 2.

The construction of 5G transmission network was less than expected.

Huayou Cobalt (603799): Volume increases, prices fall, rising costs and asset impairment drag on short-term performance and long-term value remains optimistic

Huayou Cobalt (603799): Volume increases, prices fall, rising costs and asset impairment drag on short-term performance and long-term value remains optimistic

Investment Highlights The company released its 2018 annual report: In 2018, the company achieved operating income of 144.

51 trillion US dollars, an annual increase of 49.

7%; realize net profit attributable to shareholders of listed companies.

28 ppm, a ten-year average of 19.

38%; realizing deduction of non-net profit attributable to shareholders of listed companies.

530,000 yuan, 23 years ago.

41%.

Among them, in the fourth quarter of 2018, the company achieved operating income of 43.

7.7 billion, an increase of 33.

03%; realize net profit attributable to shareholders of listed companies -3.

8.4 billion, 4 than Q3.

04 trillion reduction 7.

88 ppm; realized non-net profit attributable to shareholders of listed companies -4.

0.6 billion, Q3 of 3.
.

56 trillion reduction 7.

62 ppm; pleased that Q4 net cash flow from operating activities reached 13.

600 million yuan, a significant increase of 291.

21%, the overall performance is slightly lower than market expectations.

Volume increases, prices fall, cost increases, and a large number of asset impairment charges for inventory declines have led to a quarter-on-quarter increase in Q4 performance. However, inventory reduction strategies have helped the net cash flow of operating activities continue to improve.

① The average selling prices of the main products, tricobalt tetroxide, cobalt sulfate and metallic cobalt, were inserted at 18 compared with the previous month.

22%, 23.

35% and 22.

05%, but Q4 revenue rose 33%.

03%, which is expected to mainly benefit from the quarter-on-quarter increase in sales volume and the large increase in the scale of low-margin trading business.

② MB low cobalt, which is the basis for the purchase price of raw materials, has an average Q3 price of only 9.

17%, far lower than the decline in product quality. Although the purchase factor for crude cobalt may be lowered, but considering the high cost of raw material inventory, the unit cost may have increased month-on-month. This can also increase Q4 operating costs by 53.

78% of the important reasons.

③The most important thing is that it takes a certain period from the time of the purchase of raw materials to the product. The continuous decline in the cobalt price of Q4 has led the company to make provision for inventory depreciation at the end of the period6.

84 ppm, after considering the impact of deferred income tax expenses, the impact on return to mothers also reached 4.

8.5 billion.

And the asset impairment caused by raw materials in the inventory is as high as 4.

28 trillion, accounting for 62 total 成都桑拿网 impairment.

6%.

④ Through the strategy of impairment and inventory reduction, Q4 inventory was 68 from the end of the third quarter.

64 percent to 54.

US $ 8.8 billion, the first “reduction in inventory” strategic expansion of inventory reduction Q4 receivables improved month-on-month, and the net cash flow from operating activities also improved significantly.

Profit forecast and grade: As the PE527 and MIKAS technical transformation projects gradually reach full production, their own cobalt ore volume has increased significantly, and the self-supply ratio of cobalt ore raw materials may continue to increase.
At present, MB cobalt has begun to rebound. It is expected that the cobalt price will bottom out and the company will gradually move from a leader in cobalt to a leader in lithium battery new energy.
Reduce the company’s profit for 2019-2021 and expect to achieve net profit attributable to mothers respectively8.

300 million, 13.

200 million, 16.

1 ppm, EPS is 1.

0 yuan, 1.

6 yuan, 1.

9 yuan, calculated at the price on March 31, PE is 37.

4X, 23.

5X, 19.

3 times.

Maintain the level of “prudent overweight”.

Risk reminder: the supply side is too fast, the price of cobalt has dropped sharply, and its own project is less than expected risk