You're clearly missing the issues Blackso and posting through rose coloured glasses as are so many others. When a deal is POOR for shareholders why not admit it?
If I was still a shareholder I would NOT be happy.
1. MUN started mining Engenho debt free.
2. MUN is now going further into debt because Engenho has NOT performed any where near what have turned out to be pie in the sky pre mining forecasts.
3. The increased debt comes at a further cost to most shareholders in that if MUN is successful these shareholders will have less of the MUN pie as they are being effectively at the expense of MUN's majority shareholder.
4. It's ridiculous imo that MUN's collective shareholders weren't asked for the $5 million. For the purposes of this discussion I am assuming that MUN will be successful. That being the case I would not be pleased in not only paying interest on the $5 million debt but ALSO potentially giving away a royalty of 3% of all cash flows from Torrecillas for that token $5 million.
MUN Price at posting:
28.2¢ Sentiment: None Disclosure: Not Held
