Looking at this and in particular prices at 35.5, 38, 39.5 and 40c all look to have a cosy 50k stacked on the sell side-could be coincidence I guess??..... Take those out and there is very little bear pressure. I cannot understand anyone selling now.
20m in the bank, current MC of 68m, only 200m FPOs, Millions of pounds in the ground and a top (rehashed) mgmt compliment with experience in yellowcake exploration and mining.
To mittas point, it could be flushed hard this week or next to really shake out the weak hands (dow dependant) but I suspect the deep pockets will be loading up - as will I. Don?t forget there is still a significant MACD divergence that has not played out!! Not sure statistically how often this can occur? but the bottom cannot be far away. If it gets to 22.5c I will sell the house. :)
I notice also that on Friday BMN rallied where as a lot of its peers sunk like stones so perhaps the downside has been factored into BMN much better than the peers indicating a higher probability that this is the bottom for BMN? Also notice the UXC spot price (I know its not what is used but it is ignorantly nd strangely what the market uses to price BMN) is less volatile and seems to be stabilising.
Then there is the Rudd tax which effectively decreases our peers NPV?s and Namibian sovereign risk = next to nothing?.
A potential negative is the China property bubble popping meaning possible delayed govt spending on commissioning reactors??
As Rager said earlier ? it cant stay this low for ever and in all likelihood wont. Not if, when. (PS I liked your comments re buying for 1billion, capex covered, cash in the bank and $1.50 a share T/O, although I think its worth more than that especially if the LT yellowcake contract prices head north)
I just thought some clarity was needed in these hard times. Im confident however and happy to hold and will get more should the opportunity present itself.
Good luck to all longs!! :)
BMN Price at posting:
32.5¢ Sentiment: LT Buy Disclosure: Held
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