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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: ild who wrote (41132)9/8/2005 3:58:52 PM
From: ild  Read Replies (1) of 110194
 
Date: Thu Sep 08 2005 14:43
trotsky (silverfox@MNG) ID#248269:
Copyright © 2002 trotsky/Kitco Inc. All rights reserved
i actually think they goofed by not doing it earlier - their producing mines were practically mined out, and only lost them a pile of money in the end. for a while they thought they could turn at least one of them around, but it proved futile.
of course it would have been nice to have had a profitable producing mine backing the exploration effort with its cash flows, but it was not to be. that said, their development plan ( first mining the small, but high IRR Doris North deposit and using the cash flows to finance development of the bigger mines ) appears sound to me, and implies that dilution will be kept to a minimum if everything goes according to plan ( always a big if of course ) .
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