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Augusta Resource Corp. Message Board

  • chas_lawyer chas_lawyer Mar 21, 2010 1:20 AM Flag

    Augusta Isn't Even A Mining Company

    Augusta Resources has never mined an ounce of minerals in any country. It is a Canadian paper creation powered by paperwork that is not highly regarded by the investment community.Let’s look at the financial numbers that are publicly available. In a July 21, 2009 press release, Augusta stated that it “strongly believes the project can sustain debt financing of 65% – 70% of the total project capital cost, which amounts to approximately $625 million.” It “has no revenues from operations and does not expect to generate any revenues from operations in the foreseeable future,” and “the funds for the planned activities in 2009 and 2010 are expected to be raised from additional debt and equity financings.” It is currently living entirely on borrowed money. As of September 2009, it had only $14 Million in cash on hand and total liabilities of $40 Million, and recently raised $32.5 Million in an offering of common stock to fund its operations.

    http://www.ragingblog.com/2010/03/undercapitalized-augusta-resources-can-mine-copper/

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    • You must noy be a very bright lawyer of which there are many in this country.
      SLW is a billion dollar corporation that has entered into a contract with Augusta to provide them with over a billion dollars. Can you imagine that the CEO of Silver Weaton entered into this contract because he is brighter than you. What does he see that you do not? The CEO of Silver Weaton is brighter than all of us and worth more than all the posters on this board and he wants to do busines with Augusta Resources. So you should go back to school and try to learn about mining companies and their balance sheets and mineral rights and what those are worth once they get permits to mine. It is very similar when you get agricultural land permitted for residential lots.

    • Do you have an original idea cowboy, or is cutting and pasting how you prepare your own briefs as well????

 
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