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Gold/Mining/Energy : Copper Fox

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To: Hog Head who wrote (8929)	12/31/2014 7:50:01 AM
From: mudguy	Read Replies (1) of 10654

Here's the thing, I agree with pretty much all of that, except the batten down the hatches part. I offer the risk that this kind of management execution could cost you 50% or more of your remaining capital before any resolution emerges (recapitalization). I've seen better companies with better projects end worse than this. The two catalysts that appear likely are 1) a consolidation and 2) a PP to fund 2015 operations. It is beyond fantastic to imagine that Teck will make a decision on SC or any major project in the next year, at best so that funding mechanism is unlikely. Perhaps CUU will make a deal for liquidity from Teck beyond the JV, say by selling a further fraction of SC, but I doubt it. The company is still overvalued by a simple and fair peer comparison. Their apparent and now stated vision to spend more through acquisition, exploration and development of properties is the model of ES's former company BXX. That company went to essentially zero, changed its name and will now recap (if they can find people willing to fund the next round).

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