TNC 0.00% 3.0¢ true north copper limited

Madazsilica, hey Mad, 2 things. Numerous companies looked at...

  1. 290 Posts.
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    Madazsilica, hey Mad, 2 things. Numerous companies looked at purchasing Mt Oxide, is what I meant, over the years, Chalice being the last one and all walked away. As you rightly say “Perylia spent $55m on Mt Oxide and walked away”. Question: if a project was worth while and the Company that owned it (in this case Perylia) a base metals company, why, why, why, spend $55m and abandon it and let it slip from of a valuable ML to a useless, “no can do, no can mine, no good EPM? “ There are plenty of opportunities near and around Cloncurry close to the Great Australia project with an abundance of oxide copper deposits. Why the heck would you buy an old croc and an abandoned environmental disaster in the middle of fkg nowhere for $45m. ?That’s the crux of my disappointment and tearing up of public monies. Just doesn’t make any sense. No one else wanted Mt oxide when for sale for 40 years even when the copper price went gangbusters a few years back and then on top of that, pay way over the odds for it in a crashing copper price market, tell me, where is the sense in doing that.?It’s just amateur hour. As for the flagship of TNC , great australia project. I’ll save that for another day. There is no record I can find either from previous owners WH Soul Pattinson’s own annualaccounts subsidiary (Round Oak Minerals) that any consideration $$ was paid by TNC. Seems during the disposal of the WHSP mining assets to Aeris Resources Ltd somehow the Great Australian mine, with technical & magical accounting slipped into TNC hands. There is no recorded monetary transaction I can find. Maybe someone enlighten me! Seems Aeris didn’t want it for free. Since Aeris bought the balance WHSP assets (some non profitable copper & zinc shows) their share price has also plummeted from $0.80c to $0.16c in the months following the acquisition. Aeris has spiraled from a $600mMarket cap on Feb 23 to $120m in 8 months. It’s what happens when directors make stupid and naive decisions. Unfortunately the egg is scrambled, can’t be unscrambled. What can turn it around is a big massive high grade Copper/Cobalt hit at Great Australia Mine. There is, I recently read from historical records, a prospect, called “ the paddock” (within the Great Australia tenement) drilled by the Japanese ~70 years or so ago that seemed to have legs. Maybe a diamond drill rig head that way. Still no PLAN.
 
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