I noticed that CMM announced they are raising $200m to fund expansion of its existing mine. So not going down the debt route - they emphasised in their presentation no hedging! It’s probably a sign that gold miners want to be fully exposed to a gold price that is galloping ahead - eg up nearly 12% in the last month in $A. The dilution is only 9%.
I do hope that SPR go down the same route - my chat with SL 2 months ago suggested they will be.
I won’t be surprised to see SPR SP head towards $2 around FID time so a CR of $200m (can’t see it being lower as they will need a fair bit of working capital) may only be about 10% dilution which I can live with.
SPR Price at posting:
$1.58 Sentiment: Hold Disclosure: Held
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