Well i entered the stock in the 40's (which i though was safe) with a 3 month view of a corporate transaction at a higher price $0.75-1.
First to admit i got it wrong and even from what i thought was a good entry point dusted some coin. I guess all the old adages apply, dont catch a falling knife, chart tells a million pictures etc etc
Feel liberated selling, ill take my loss and lesson and walk away with my shirt on, although torn a little ;)
Last thoughts
1. Post todays release, all credibility for mangemnt has been lost and i do not trust their forecasted C1 cost numbers.
2. My revised numbers has Boseto barley scraping a positive NPV. Please dont baulk at this as CF bid and the boards current position clearly demonstrates the complications and issues of the project.
3. Two possible outcomes takever (35-max 50)or rights issue ~15c. The only buyers will be deep pockedted comapny's which can foot the debt bill and also pay teh additional capex to reduce costs and increase production.
4. I fear for those with cmments of "world needs copper", "i wont accept anything below $1.70" as you will be settung yourself up for a massive fall. The operations have issues thats why we are where we are
5. Finally with the major shareholders like blackrock, genesis and all teh others i wouldnt be suprised to see a class action raised as this has been the mosr appauling 6 months management of a company i have witnessed.
Anyway good bye and good luck all
DML Price at posting:
27.7¢ Sentiment: Sell Disclosure: Held
