The abruptness of the collapse is disgraceful considering what had been previously announced.
Their contract with Glencore is weighted to the average copper price some months after the actual sales.
The fact that Glencore (who own over 5%) of the company chose to destroy the company speaks for itself. Another example of the greed of a few.
The terrible irony is that this whole venture was designed to give them cash flow to expland the company - instead it has drained the company of all of its cash to a point where they cannot pay their bills. Management bet the entire company on the copper price staying high, yet only 2 months of low prices killed the company - abysmal.
They now have a $25mil plant doing nothing.
I don't no how much they owe Glencore. I had a reasonable idea of the nature of the contract but still didn't think Glencore would destroy the company.
The abruptness of the collapse is disgraceful considering what...
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