Good Luck AllBeen a Mol shareholder for a year now, exited today for breakeven. What a ride. Rode this from 1.10 down to .50 back to 1.74, right back to 1.10. I'm taking my out while I can.
Very good chance this could rebound, but I am an investor, not a gambler and right now this stock is too uncertain for investing.
This was an absolutely horrible press release. Look beyond the financing issues and see what this implies. The whole project is in question.
Here are two key excerpts from the press release that made my decision:
"The ability of the Company to complete the Spinifex Ridge Molybdenum / Copper Project financing process will likely be dependent on an improvement in both the foreign exchange outlook and molybdenum prices above current levels."
"The appreciation in the AUD has resulted in a projected decrease in future project revenues measured in AUD at 31 December 2010 by up to 25%. This has a pronounced effect on forecast future project cashflows and the project's valuation and may present challenging economic hurdles forthe project."
At a minimum, this release implies signficant delays to the financing, let alone whether they will ever receive it.
My personal belief is the AUD will recover and continue to increaseonce the Queensland flooding ceases.
Good luck all Mol shareholders. I may buy back in once more clarity is known.