GREY:MLKKF - Post by User
Comment by
24~Karaton Feb 09, 2008 8:05pm
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Post# 14345360
RE: Cash is King
RE: Cash is KingTeck announced Friday that the estimated cost to mine the Petaquilla deposit has doubled to $US 3.5 Billion. This looks like yet another large copper deposit that will remain in the ground for another several decades. Below is an excerpt from their news release. All of the reason cited (below) for the enormous cost escalations are items that Mercator has completely under control, and at exceptionally low costs!
“Capital costs for the project have increased substantially over previously published estimates both as a result of scope changes, including enhancements in erosion control, water management and other environmental protection measures, as well as increases in equipment and construction costs that have been affecting projects worldwide. Despite the increase in capital costs required to develop Petaquilla, the shareholders believe that the project still has the potential to be a world-class mining operation.”
https://www.stockhouse.com/news/news.asp?newsid=6341838&tick=TCK