Well put Ptigger.
Copper stockpile in LME is at the lowest level for over 5 years. Cu price have now moved to long term moving average price per pound around the $3.10-3.20, Gold is now hovering over $1300per ounce. The profit margin for PNA at these prices would be envy of other mid tier coys in the same league. I doubt that PNA will have any problem in getting joint venture partners (if required) to come on board to fund and expedite the FR or Carman expansions.
The PNA share price been kept well below its worth for reasons outlined by Ptigger and many others. In my view the 'normal' trading price of a coy with prospective expansion plans and income stream should have been trading in the region of $2.30++ (if not for the BOTS manipulation). Add a decent takeover premium to this .ie 30%, we should be looking at least around $3. Even at these prices GRAM is getting a good deal. They should know this, because they been a cornerstone investor since 2008/09 (in my recollection and so have I). Besides GRAM would not have increased its holding over time if they thought PNA's future prospects were not good or too risky.
As for GRAM, you know this coy from inside out. Thanks for pushing the price of the stock to the levels that should have been in the first place if it wasn't for shorter and BOTS etc. There is really no need for GRAM to undertake a due diligence or gain access to the 'data room' to assist with their decision making process. GRAM should know all this because one or more of GRAM board are on PNA board. Lets not use the delaying process as some other Chinese coy have done in the recent past (eg. T/O offer from Pero China for WCL that took over 12mths and ended up with nothing). Lets be realistic and make us an offer so we can all say yes and give you the certainty of an ownership of a great coy with great prospects.
Sorry for the rant. These are just my thought and sentiments, please do your own research and good luck.
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