Ann: Letter to Shareholders, page-13

Nobody can answer with complete certainty BUT based on market activity EQR management made two huge decisions that stopped a climbing SP in its tracks. FIrst BFS and the Spain mine.
Regardless of the future outcome they killed the pump that you would normally have seen with a mining stock.

But we are passed that point now, way past. Now the market wants them to put their money where their mouth is. So far all that comes out is they are digging more and more, but with that comes a commensurate rise in the costs. In fact it would appear that costs are rising faster than the money they are making.

Its not a buy - its not. Not until they stop losing money and bloody well post a profit! And there was nothing in that letter that even gave the slightest indication when that might happen.