well i certainly feel ripped off.
at yesterdays closing price of 21.5c, arh have couphed up $665 million for the right to mine 1 billion tonnes of magnetite. didn't citic earn the same right for just $290 million? yes citic are paying a royalty of up to 10% and arh equates to around 2% but where is the risk to palmer under such a deal with arh?
what will it cost shareholders to earn the right to mine greater than 1 billion tonnes?
it is a positive for arh but the cost is far beyond my (reasonable?) expectations.
cheers.
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