Yes, I agree. I've given up on companies that don't at least have FID and funding secured for a mine. Too many have a great looking project on paper but can't find funding for it, which implies the financiers don't believe the numbers. Eva is one of those projects which is why I say I won't believe it until the first sod is turned.
I didn't buy into C6C, I inherited them from AOH, but I've kept them as I think they're a good leveraged copper bull play. The rather high cost of production is a double edged sword, it obviously isn't great when the commodity price is low but it does provide excellent leverage in a bull market - as evidenced by the almost 10x increase in share price in the last 12 months vs only an 80% increase in copper price over the same period. OZL is only up ~3x in the same period.
I think Copper Mountain is in a sweet spot, the cost of production is high enough to provide good leverage in times like this but low enough that they still have a comfortable operating margin to ride out periods of depressed copper prices.
Yes, I agree. I've given up on companies that don't at least...
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