Post by
Oregonduck on Nov 28, 2020 8:50pm
Better to Sell Assets..,
...than buy assets.
The Lundin’s got to be billionaires by selling Tanganyika Oil (TYK) for C$2 billion and Red Back Mining (RBL) for C$7 billion. The Chinese Sinopec Petroleum which bought TYK had buyer’s remorse and paid dearly for a bad deal in acquiring oil fields in Syria. Corollary, Kinross which bought RBL had to write off pretty much all their investment due to uneconomic gold production. So, Lundin was lucky to sell off two worthless assets for a total of C$9. This goes to the dictum “Buyer beware”.
Comment by
spacegimp on Nov 30, 2020 7:06pm
kinross has actually turned Tasiast around quite nicely and its future is golden . did they pay too much ? ,hell yeah lundin then went and bought fruta del norte in ecuador for next to nothing from kinross and turned that into a mother lode i hold both K and LUN ....kinross is a much better and wiser producer now , new management