"How can we believe in a PE of 2 when the mine can't get positive cash flow?"
1.THey are in ramp up mode plus its not like a gold mine where the Perth mint pays as soon as the dore is smeltered. With copper concentrate they probably have to wait a while for the concentrate off take partner to make payment.
2.They also got burnt by having a crusher down and the need to spend more CAPEX on a new one. To me that was either incompetance or bad luck but its history now.
They will get to steady state production as the ore is simple to mine and they have proven recoveries are to spec, and then the PE should be under 2 IMHO.... providing Cu prices dont dive
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