Selling my C6C was the bulk of the money I got back, yes, but ironically I actually got less for my C6C than I initially invested in VCN/AOH - about 20% less. But because of the capital return for Outokumpu and associated dividend, and a small trading profit, I got back into the black.
Plenty of other metals juniors I invested in around that time I either lost a bundle before selling out, or held to oblivion, so I'll take 27% gain over 15 years I guess. Even though I'd have got similar returns in government bonds!
But yeah, well played CMMC - Eva has little value at the prevailing copper price at the time it was sold, but plenty of value at cyclical highs north of $3-ish. They bought it for scrip, got A$34M cash as a bonus, then sold it for at least US$170M. The whole Aussie adventure hasn't cost them a cent in their own money and they've made a packet.
I honestly believe there is a big copper supply crunch coming so I think Eva has a future, but probably not yet. It will take another decade or so before the copper production cost curve rises enough that a mine at Eva can ride out the cyclical swings in the copper price. You can roll the dice and build the mine before then, but you leave yourself vulnerable to market cycles.
C6C Price at posting:
$2.09 Sentiment: None Disclosure: Held
