FWIW I hold PDN and PEN. I held a lot of them a while back and effectively 'swapped' into PEN as I learnt more about PEN.
PDN has too much debt for my liking...but I think JB is a very competent CEO who has a regular bag of tricks he can pull out (And he's an effective mine builder). Because of this, I do NOT think their debt IS terminal, they will recover and medium term profits will likely be good.
But this process has been dilutive to PDN and they unfortunately have had to sell part of the farm. Of course, nobody foresaw Fukushima, but JB's error of not hedging and strategy of spot selling cost the company dearly. (of course, he would have been a legend if he pulled it off
)
Anyway, I like the PDN bet. And I'd suggest into 2016/17/18+ I'd like it more. But I don't love it. This is where PEN, IMO has it over PDN in strides.
While I still hold some PDN, I will concede I am just looking for a small industry wide re-rating and I'll be selling PDN to take some profits. If U hits $65 soon (doubt it) perhaps I'll keep them. Leave that to fate and choice.
In a generic industry wide sense, I am with even some of the pessimistic pundits on this site that think the U turnaround is years off (which I am happy with)...but I do believe that ISR's have a front run advantage over conventional miners and I believe they are and will be noticed before the rest of the herd. (hence picking PEN over PDN in a generic sense)
And even when we do hit $65+ U prices I still prefer PEN over PDN, as it would be assumed (for prices to get that high) that PEN is highly profitable, into stage 3 production. PEN then has KAROO to boot. Watch this space for what I think will be a better resource that LH. (Bigger. Higher grade)
All just IMO of course.
I don't think PDN vs PEN is an "us vs them" proposition, just a risk weighted one.
Good luck in whatever course one chooses.
Have a great day
Cheers
