A look at the FINRA bond transactions indicates someone has an open order to buy $1,000,000+ of the 2018 bonds at 14 cents on the dollar. Too bad FINRA does not report the actual value of the large transactions, just that it was over a million dollars. Hopefully they were multiple million dollars.
Only 1 large transaction so far today at $15.25. Perhaps they have increased their offer price since all three bond issues have crept up a little recently. There must be a way to find the amount of the large transactions.
With copper (and metal) prices creeping up, and mining companies bouncing nicely off 52 week lows, the bond prices are ticking up. TC better pick up the pace in their purchases.
Does anyone think they can buyback 125 million dollars of their bonds at the end of this process?
Jan 2015 guidance was 95 million pounds Cu and 230,000 oz Au. Revenue = $396 million.
Jan 2016 guidance is 60 million pounds Cu and 255,000 oz Au. Revenue = $341 million.
Now that they are achieving 60,000 tpd, surely they should be able to achieve the January 2015 guidance.
Instead they decide to high grade Au to maximize cash flow. But January 2015 guidance will provide an extra $55 million cash flow than the current 2016 guidance. What gives?
Maybe Mt, Milligan is not performing as well as Perron is stating, and they can still not achieve the levels of January 2015 guidance. Something is not kosher.
To add to the mystery, Perron said they have not started to high grade gold yet. Maybe it is all BS to keep the bond price down as per Ultra's theories, and they will not high grade the Au.
Did TC drop out of the "BMO Capital Markets 25th Annual Global Metals & Mining Conference" last week? They were scheduled to present, but I see their name was not on the list of presenters. Hmmmmmm!
Barring a BK which is unlikely, I cannot imagine conversion of the unsecured debt to common shares…..conversion to preferred shares could be a possibility.