RE:Lundin Mining Presentation and OptionsI listened to the conference call as well. They were very excited about their potential purchase. They are hoping reservoir minerals will go along with the deal. They said that mining laws in Serbia changed in December and have extended all the timeline dates. They said Freeport now does not have to file until 2022. Then they said even then there are provisions for extensions. Looks like we no longer have Serbian law to push the project along. Good news is that Lundin said they would fast track this project and be in production in four or five years. They also said if this closes early second-quarter they would spend between 20 and 30 million on the high-grade project this year and 10 million on the porphyry this year and ten 10 more million next year. The 20 million over two years is part of the cells agreement with Freeport. Lundin also said that this would become their first priority for the company. They also mentioned that they have worked in Freeport or are working with Freeport on another project in another country so they have a working relationship with Freeport. They have $500 million in the bank and a credit line for another $350 million.
The announcement today that reservoir minerals has been talking to companies for a couple of months sure coincides with the bottoming of the share price. Nice to see some momentum coming back with the share price rise.