The good, the bad and the uglyGood:
- AISC is ridiculously low (just compare that to FPX and Dumont)
- 1.9 Bio lbs of Ni produced over 25 years = 14+ Bio in revenue
- Very positive free cashflow and EBITDA numbers
- Additional opportunities within Crawford to make these numbers even better
Bad (actually not ;-):
- I guess we all expected a deal with Glencore so that's a bummer. But here is the thing: If you were Glencore would you give them a good deal and drive CNC's value up when you might want to buy them at one point? I bet the Glencore strategists put a wrench into that MOU.
- As an impact we'll see production/revenue later than if Glencore's concentrator could have been utilized. And - the Glencore deal isn't off the table - we just don't know.
Ugly:
- I didn't like the fact the the FS is now pushed back to 2022 - that's 6 months later than the original promise. Sure there are good reasons but MS needs to learn to better stick to what he says.