Will PCY ever be a power company? It seems to me that the market is discounting the fact that PCY will ever be a power company. The market value of the company is roughly what it should be if it had only the investment portfolio of NLK et al. So, basically, what we need for the SP to dramatically improve is for the 600MW plant to actually happen. (That would make this a real company and not just a great idea.)
What will stop the 600MW plant from happening? 1) Political issues with Mongolia (nationalism, corruption) 2) Failure to get financing 3) Something unexpected in the cost of building or operating the plant 4) Other companies with better cost models than PCY.
Others? Which of these should we be most concerned about?
Why is the market SO sure PCY will never be a power company?