The next month or two at best is going to be critical for Cline. There're only two scenario ahead and it's' not rocket science to see what these are.
1. Sales, sales, sales. If they can get 3 panamex vessel loaded and get $15-20 mil. in profit, they will live to fight another day or at least till 2013, when I believe all hell breaks loose in the world economy.
2. If they can't get sales within the next month, I believe they will have no choice but to initiate a Strategic Review, meaning start looking for a buyer for NECC. With this option and given the macro environment, the only thing valuable to a buyer is the resource. Taking the worst case scenario, halving the resource number and pricing it at only a dollar per ton, we may get $300-500 mil. for NECC. That puts the SP at approx. $1.50-2.00.
End of June, perhaps mid July is the timeframe. GLTA