of mice and menthere is a lot of crying, pumping and dumping in this threat - that makes me smile. I like chicken. The 2.5 dollar per share buy out for a deposit that is stalled because of local resistance with no clear strategy and no money put behind to overcome this resistance is illusionary. How can you plan a mine if you do not even get a simple permit in place to drill a few holes that you close up afterwards.
The next step must be to restart community relations - not sure how easy this at the moment in Peru, but my guess is it is difficult. Fortescue at least believes that it could be possible to move forward somehow and it is worth some investment. The way this unfolded also tells us that Fortescue is serious about this willing to pick a fight and kick out incompetent maanagement. - which is good. It also tells us Fortescue is in for the long run , which is not so good for the pumpers and dumpers but for value investors it is ok. We know it is a gigantic deposits worth a lot and we know if there will be a buy-out ever the price for it will be double, triple or quadruple the current price. But to get there Fortescue needs to be able to see that the local community will be on board. Until then Canariaco will be vulnerable to short term hypes and dumps.
So the proposed way makes sense - lets see if they can get a permit. If so I think we will see the 25-30 cents range before the first dirll makes its first rotation.