Nice to see some great discussion on the CMR thread.
Personally, I would prefer it if HNC walked away.
CMR raised around $70M through new script which took the number of shares from around 70M to 130M over the past 24 months or so.
Oxide mine looks like costing around $106M. So allowing for managment overheads etc during the past year and a half, we are probably short by about $50M for the mine plus start up expenses of say another $30M. ie. approx. $80M.
We could either fund this through an $80M loan and pay back in one year or issue another 30M shares at $3.00 each to existing shareholders on a 1 for 4 basis.
CMR shareholders would then own 100% of a base metals resource that probably has an in ground value of AUD$25-30bn now, which is highly likely to double in size once they finally get around to upgrading the resource estimates from all of the drilling that has taken place over the past 2 years.
It seems to me that the main problem with CMR's management team is with with planning, working the plan, risk and issue management, communication and stakeholder management.
I am in for the long hall and the bid dividends that I am hoping will eventually follow and support me in retirement.
Good luck to all .......
CMR Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
