GREY:DULMF - Post by User
Comment by
oceanelevenon May 22, 2013 9:18am
252 Views
Post# 21425584
RE: RE: News- 70 feet of 0.83% Copper, 0.28% Nicke
RE: RE: News- 70 feet of 0.83% Copper, 0.28% Nicke a little coverage I just came across.....George Topping....
T:Duluth has a contract withAntofagasta Plc (ANTO:LSE), which owns 40% of the joint venture. Once the bankable feasibility study is completed, probably in two years, Antofagasta has the option to buy 25% of the Maturi project for a pro rata share of 1.0x net asset value (NAV), which will be determined by the bankable feasibility study. We’ve modeled it at a NAV 10% discount rate, $2.80 copper, and we get a value of over $2B for the deposit. That’s $500 million ($500M) for the 25%, but Duluth is trading only at a couple of hundred million market cap. If I’m Antofagasta, I’m just going to buy Duluth, and then I get 60% for less than I can buy the 25% for. What I like most is that there’s a catalyst that encourages Antofagasta buy Duluth much sooner. My target is $5.
https://jutiagroup.com/20130521-how-george-topping-is-profiting-from-copper-price-volatility/