POSCO and Mt. KlappenPOSCO has close to 100 million invested in FT primarily for the development of the Arctos coal deposit near Mt. Klappen. For this investment POSCO received FT shares at highly inflated prices compared to the price today. It has subsequently suffered considerable shareholder oppression from the extravagent dilution arising from the Revenue silver mine catastrophe. Now POSCO is deeply involved in battery materials development for EV's which they predict will reach 20/25% of all annual global car production by 2025, a truly astounding development should it materialize. POSCO has an incredible balance sheet and performance history over diversified products and services. It is mystifying why POSCO and their many Asian pals have not taken a swing at FT and at a minimum removing current management. I am sure that the other major FT shareholder and substantial financing source, namely PROCON, would get on board.
Current FT market cap is 20 million CAD, a truly ridiculous sum (even after considering that all the cobalt at NICO is just 1/3 of annual cobalt consumption globally). There is now talk of tera, not just giga, battery plant construction.
Who or what is keeping the FT share price at 6 cents. Comments are invited.