This company is a joke. There will be a small pop when Australia and NA coal are sold. Then the company will be in the same iron ore environment but producing less ore. Casablanca is the death of this company. The iron ore trade is controlled by the big three. Even the US iron ore trade is controlled by them although more indirectly. US iron ore will never be over $120 for the next decade. You can count no it!
It is all about the now and not anything is being spent on the future. CLF is going to sell the chromite and get a shred of its real value. This asset is worth $30 billion with a mine. So dumb. There will be no reason to invest in this company any more.
Selling this asset is a mistake. This asset is a reason to invest in CLF. They sell it and all they have to offer investors is iron ore. Selling this is a huge mistake! Really what does this cost the company right now nothing. Casablanca is going to raid this company of any quality assets.
Why does CLF have to sell this asset? What trouble are they in? If the asset is sold it is only for one reason Casablanca wants it. They can sell so many more assets. For christs sake sell Hibbing before this one!
That means you solarpric. What do you think about the Australian government predicting iron ore prices will remain below $100 dollars per ton for 5 years. What do you think that will do to the US contracts?
Wait I know your answer SHUT UP you DUMB MUDDERFACKER!!! you are a joke!
For once you are looking into the future and not the past. Quit complaining about managements past decisions and look at ways CLF could earn its way out of this mess.
And yes the head of Casablanca is a male so he is correct. What did you think we should call her a hermaphrodite or something?
and your point is? The original post is about CLF buying back stock if it believes the shares are worth $25. Tell me what did you say that has any bearing on that statement?
I started researching this company last November when I bought a rather large position based on the fact that I thought this companies' share price would jump on the news that the hoist was finished. I jumped out after I made a quick buck but I kept on researching this company. One of the things I noticed was the September hiring of Jim Gallagher. Jim used to work for Hatch consulting, engineering, and project implementation. He was the Global Director of Mining at Hatch Ltd with a special mandate to build global underground capability. Specifically he was to lead miners transitioning projects to normal operations. I thought it was odd that the company would hire a COO from the same company that PAL had used to consult with on this very project unless they just hired him to lead the transition to normal operations. Going along with this train of thought Jim was probably given shares of the company as a bonus for reaching milestone production numbers. He sold the shares because he isn't going to be with the company too much longer.
Maybe I did some D&D the past 24 hours and I am now confident that the price fall and the Gallagher insider trades are just a head fake.
The stock was over priced all summer long at $0.30. Now that palladium demand is slowing the true price is being revealed. This company is a lot closer to death than it is to life. But I believe they can pull this one out.
It isn't all dollar related it is related to the economic numbers coming from the US and China. Sectors are shrinking in size.
CLF is a bloated whale. The mines make money on a cash basis so then why doesn't this company make money?
I don't think it is manipulated at all. It is a big boy stock that step way over the line. Maybe the US division does make money but CLF is leaking cash just about everywhere else. This company needs to reform its divisions. I don't care if all of them make cash but there is now way that 7 iron ore mines and 3 coal mines add up to $500 million dollars in CAPEX and SG&A spending a year. They need to make some serious decisions and create some centers of excellence.
Still holding my shares. This will blow over soon. Palladium spot pricing can't go up forever it was bound to go down. I think $800 is where this free fall starts to slow down. The last time the spot price was $800 was in 2010-11 before retreating. Now that spot went over $800 what was resistance is now support.
PAL needed high palladium prices while they were optimizing the underground hoist. Now the price doesn't matter as much as the production.