Truth be told, I am most interested in seeing the 75 year old bucket dredge come to life. They could have done a complete show around that rebuild and I would have been fascinated. I love old machinery.
Tonight a new episode of gold rush. I can watch Toad and feel better that at least our mine isn't *that* messed up.
They paid 1.8 billion or so to engineer and develop MM. A near 100% screw up in cost over run. To top that off, they then messed up again by not accounting for the type of ore they would be processing, Now they want to pay the same engineers who messed up top dollar to design a crusher to cover their past mistakes.
It is just SNAFU
Management and board need to step up and buy shares or do something positive to increase shareholder value. Saying they are ok waiting 5 or 6 years for moly to recover, then watching copper fall to $2.45 is not going to cut it.
They need to lean on production and get near 100% capacity asap. They need to lean on suppliers and engineering services to cut the cost of a permanent crusher. Engineers in the mining industry will be looking for jobs soon if we stay at this level metal price. Perron to state that oh well, the crusher will be at the high end of our estimate is B.S.
double down? I started at $7 with 1000 shares.
By now we are talking quintuple down at least. I am not buying any more even if it goes to $0.20 and Perron starts Yahoochitting gold eggs.
It was good while it lasted. Wait, no it wasn't.
Worst investment I ever made. Even tops the money I lost in China fraud stocks in 2007/2008.
What I like about my plan is it totally gets rid of the debt overhang. This would remove essentially all risk from owning the stock as Mount Milligan produces copper for $0.80 a pound (copper is never going to be that low while the world still spins). Tying the preferred dividend to EBITA would allow the company and the preferred shareholder to benefit from future increases in copper, gold and moly. If copper goes to $1.90 and gold to $800, preferred still gets a little bit and TC still survives. If copper goes to $4 and gold to $2000, preferred gets a lot of bit and TC thrives (as do common shareholders).
I really would rather not see warrants or anything that would allow continuous shorting of common like we had in the T-meds. I just want the debt gone and all risk removed, barring a Canadian invasion. The common stock would go up if default risk were suddenly gone, even if some of the profits were now diverted to the preferred shares.
In the case where TC tries to go it alone and depend on rising copper or moly to pay off the bonds, common shareholders possibly could end up with a big goose egg (and not the golden kind)
Yes, if you can time things, you can do well. Alternatively, if you own the whole company or your family owns the company you can do well.
If you are just a little peon who bought the stock at $7, then $5, then $3, then $2, then $1.21, you are not doing so well.
Right. So in 2016 they issue the 600m in preferred shares, pay off all the debt then there are no covenants to prohibit them from issuing dividends or getting Perron's head waxed.
You have to give caldararo a bit of slack. He has a number of biotech he is paid to spam and sometimes gets his little fact cards in the wrong order.
It pains me to see the stock at $0.31 or $0.32 when it should be $0.40 to $0.60.
Should I buy another 20K to 40K?
gatr55 gets it. If only Light had gotten it about $1.80 ago.
We are phooked. $2.55 copper was unexpected.
I should have bought the bonds about 2 years ago instead of the stock. I got greedy thinking the stock would be a better long term investment.
The only people who win in mining are the people who sell them equipment and the people who charge them 12.5% interest on money. It has always been like that and will evidently always be like that.
Hopefully they don't use the same engineering firm who designed the existing failed structure (can't reach 100%) and missed the cost analysis of MM construction by a whopping 100%.
Offer $600M of preferred shares. These shares would pay a dividend equal to 25% of EBITA. Give existing shareholders rights to buy into this offering.
Debt fully retiring using the $600M plus cash on hand. Small revolver could be opened for operating costs...interest rate would be super low with no debt.
So then EBITA is $160M, debt payment zero, preferred shareholders get a $40M dividend payment (7%!) and existing shareholders get a smaller 2% dividend.
Greedy bondholders get nothing after 2017
cohort 4 is already higher than vint. Tumor mass will be reduced to near 0 mm^3
No idea why the stock is trading at $5...should be around $25.