An invitation to CRE ?Readers of my prior posts are aware that I have been pointing out for months the CASH positions of large Gold mining companies in the area of the Rose mine. One is Kirkland Lake which has $800 million in cash to invest. Another is Newmont, the largest gold miner in the world with something like $1.5 Billion in cash (from memory). To no one's surprise I am sure, I own shares of both so I get their reports.. In the latest publication of KL , the report has the following paragraph-KL has formed a strategic alliance with Newmont, and the report goes on to say " The agreement also includes a commitment by the two companies to work together TO IDENTIFY ADDITIONAL REGIONAL EXPLORATION OPPORTUNITIES AROUND THEIR RESPECTIVE LAND POSITIONS WHERE THEY MAY COOPERATE TO ADVANCE PROJECTS.
As you might expect my position in CRE is far larger than my holdings of KL and NEM. I do not know how difficult it will be for CRE to get the several 100 million to build the Rose mine; but these two giant gold companies are telling their shareholders they are ready to invest in nearby projects. Rose is certainly nearby KL's Detour and Macassa mines and may be near NEM's mines as well.
Both KL and NEM are investing in electric powered mining equipment to lessen air pollution around their mining crews; and LI is a key component of that equipment. So if banks don't step up on Rose, CRE should definitely pitch KL and NEM for mine build out funds.