in brief the current mgmt took control around then with a small deposit at Lake Barlee.. they dug it up, toll treated it and moved on to start the Jaurdi project.
they have built everything we have now off the smell of an oily rag. i think they have been unlucky not to get bigger strikes in exploration, but they have done enough to keep the mill busy and the LOM growing through expoloration and acquisitions. it would appear one of our major holders (Colin Petroulas) has been capping the stock for some time in order to accumulate.. this has definitely killed momentum in the stock.. but that can be seen as giving us all an oportunity to buy more cheaply... it only frustrates those who have shorter investing horizons.. there is certainly no froth in the share price. the divs have been varied, since jaurdi was commissioned return of capital is somewhere in the 30's..34% if im not mistaken.. not entirely consistent either; can be 2 a year or none a year.
the bottom line is the company continues to grow.. Timor East provides a huge opportunity for an elephant (primarily copper). I have for a long time viewed BCN as an exploration oportunity without the downside of continuous capital raises that an explorer only carries.. and that downplays the fact that the LOM is growing too.. its not meant in a disrespectful light to the progress that has been made, just that we need something big to really turn this into a 10+ bagger.. something that has the potential to turn us into a midcap stock.
it did have a good run from development of jaurdi, however it has been in a big consolidation since, and on a fundamental basis the company is growing and it deserves to have finished that consolidation.. but technicals are driven by buyers and sellers.
i think the current quarterly is the least flattering that we have had since going into production with all that prestrip and extra transport logistics, so perhaps look at a few annual reports to get a more reflective picture.
to pay for our share of Lady Ida.. we are going to be toll treating ounces for the vendor.. my belief is they will up the grade in that period to maintain our ouwn annoual production in the 25 to 30ozpka range... this will be positive for our own AISC on those ounces if we are to process say +2g/t
i gotta run.. thats enough for now.. or others can add to it
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