RE:op·por·tu·ni·ty cost
Speaking about opportunity cost, last November drilling was resumed at Spring Valley. Back in November 2015-- Waterton paid $110 million cash for Barrick's 70% interest in Spring Valley along with the Ruby Hill mine. Its been almost 4 years and Waterton has yet to capitalize on any of its value despite a growing optimism for gold. I wonder what they are waiting for? I wonder what is more likely? Disappointment in their drilling results and prospects for a future sale or waiting for an even better environment to sell? I believe I read a few years ago that Waterton's average holding time for any acquisition was about 18 months. Considering the opportunity cost, the drilling results for Spring Valley will have to be spectular for Waterton! Sailfish's royalty in Spring Valley (courtesy of Terraco) meanwhile continues to languish.