RE:added a littleNice I been the volume on the American for a week or so! Seems like the bid got some volume on it today looking at level 2, has not been the case for weeks. Pretty good
. They have 5 billion measured and indicated pounds of copper in the ground on a marketcap of a few hundred million. Block cave potential at Polley. They trade for basically what Newcrest payed for a 70% stake in Red Chris a few years ago (note copper and gold prices were much lower when the deal was done) 804.4b/.70. = 1.1149b-804.4= 310.5m (imperials 30%)
So, 310.5m + cash is around what Imperial is trading for which means we get for free (already built)Mount Polley and will be up in running this spring+ (Already built)Huckleberry will open IMO a few months after + many greenfield deposits for free. Also, Billionaire Murray Edwards has been supporting this company for over 20 years! He participated in the latest capital raise at prices much higher, insiders bought about half the shares issued. This is the same guy that turned CNQ into a grand slam and Imperial is his miner.
Off memory to build the Red Chris block cave 2.3bX.30 Imperial will have to use a combination of cash flow and debt, I don’t think they will issue shares at these prices. Will take years, so be interesting to see what kind of cash polley and Huck give us, happpy to finally stop paying the millions in upkeep for polley. Edwards historically has been a life line when they need to borrow. I remember when it was real bad after the dam breach and they were pretty much bankrupt he gave them the option to pay him back in shares until he helped make a deal with newcrest.. He is not going anywhere which gave me the confidence to hold tight over the years.