Thanks for the link, PT. The PDL web site had been out of commission so long that I'd given up looking there until your note today. Just for kicks I did a comparison of PDL with Stillwater mine (SWC) in Montana.
Ann. Prod. of PD oz.: SWC = 450,000 PDL = 100,000
Ann. Rev. (U.S $) SWC = 120,000,000 PDL = 30,000,000
Capitalized Value SWC = 925,000,000 PDL = 11,000,000
This means that SWC is worth 90 x more than PDL stock, even though it is only 4 1/2 times as big in terms of production and revenue. What we're missing here is the production cost per oz. of PD. For SWC it is about $170/oz, for PDL it is unknown. (One would expect the cost of PDL's open pit to be less than the underground mine of SWC). Either PDL is one of the greatest "bargains" around, or else SWC is way overpriced; which of the two is the more likely explanation in your view? P.S. excellent maps on the web site, I can now see how PDL relates at Tib Lake to another holding of mine, HLM on the Alberta exchange. |
