Nine lives.........O>K..im going to try and sum things up for you.Its actualy fairly simple.
Adrian owns 52%
Immet owns 48%
Teck gets 26%(half of adrians share by carrying it to production)
Teck can defer as long as the deposit isnt economicly sensible.Its pretty much as simple as that.
"Teck is entitled to defer making a production decision where unfavourable economic conditions exist, which is defined in the Petaquilla Shareholders Agreement to mean conditions or circumstances of an economic nature external to Teck which would cause a reasonably prudent mining company considering the development of a project comparable in size, location, ore grade, capital cost and complexity to defer its decision to commence such development. Adrianâs financing arrangements with Teck are very beneficial. The arrangement is considered by Inmet to have a value roughly equal to 10% of Adrianâs interest in Petaquilla."
As shareholders of Adrian,Our ultimate concern is not when the deposit will be put into production.It is simply a matter of the economic value of the deposit at a particular copper price.
I will refer u to an old release in another post to give u an idea of the potential value on a per share basis taking in to account the share structure and price of copper.
Adrian has the goods.The recent financing was simply to raise capital to meet the continuing obligations of retaining the rights to the deposit.Even though the deposit is open in all directions,its simply a "wait for the fireworks" situation.
This will be one of the premier proding properties in the world within five years.In the mean time.expect a 2 dollar share price in the next few months.
Goldbug