| | | At what point does Ernesto get pissed off with what is happening here? There's also the possibility that he's behind all the moves. As majority shareholder and a member of the BOD he had to approve the replacement of the Salazar agreement with the JV agreement. Getting cash was crucial to survival and is the greatest hurdle to junior companies, yet they issue a cash back. And who was the greatest beneficiary of the cash back, well it was EE who reduced his exposure by about $ 7 million. Others have mentioned things like " EE won't accept a low price" or " he has our back" , which is complete nonsense. He is a businessman, not a charity, and will act in his own best interests just like any of us.Which brings me to the current situation where we have just about run out of time. Teck has not booked any resources or reserves for SC unlike what they have done on other JV projects such as Galore. They passed on two year end opportunities to do so(2013 and 2014) and another one is approaching. If the optimization studies at least result in a technical resource report which is filed on SEDAR, and Teck books some numbers, then that could be the trigger to sell. Even if Teck still doesn't book reserves at SC this year end, and is not deliberately playing hardball, they may not want to make any decision on SC next year for strategic business reasons. In that case CUU, having run out of money, may have no choice but to approach them and ask what price will Teck accept. Existing shareholders will not like the number. |
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