Yep, there is no doubting the great geology and the potential of...

Yep, there is no doubting the great geology and the potential of the resources in the ground at Capricorn/Gunpowder/Mammoth, Fat Prophets have clearly identified that story (as will some value investors), but the elongated timeframes for return to production and the sheer amount of water that needs to be removed means that any potential investors are looking at a lengthy timeframe to restore Capricorn to profitable production. I think all the dramas at Capricorn have overshadowed the potential that Golden Grove might have as a turnaround story provided the price for all base metals does improve (Cu Pb Zn and Au Ag).

If anyone is buying now with a short-term investment horizon they are buying a long-dated option on future copper from Capricorn and an operational turnaround story at Golden Grove being executed successfully i.e. they are essentially buying shares in 'Golden Grove Mining Co'. 29M's Golden Grove operations are not quite the historical debacle that Nifty is but share the same similarities in that they are mature neglected mines that have been scrambling for existence and haven't had money fro a lot of brownfields exploration nearby. I am betting (and I think Glencore are as well) that once exploration begins around Golden Grove and Nifty that additional resources will be found quickly and close enough to existing mills to extend the lives of these operations further..

Glencore's recent investment in CYM's Nifty operation and increasing investment in 29M are all indicative of Glencore getting their hands on distressed assets and access to future base metals production/base metal concentrates without the hassle of running an operation (hence the divestment of the CSA mine to MAC a while ago).