Paul 100 you are spot on. PNA is a leveraged exposure to the copper price. The copper price will be depressed for some time and levergae is not a great idea at the moment.
I think the 90c might turn out to be optimistic but the q4 quaterly will tell all. They have hit design production so the q4 costs / lb will be the number to use for valuation. If they finish Q4 cashflow negative for the quater my guess is they will have to call in the administrators.
The other thing is that the Lao govt has a free carried 10% interest as well, often ignored in valuations on this thread.
Very high risk, potentially high return from a low base if the copper price picks up and stays there.
what is pna's real vaule, page-9
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