I agree with you that asset sales are not the best solution especially at the current market prices/sentiment.
But it's typical of this management to merge at the top, sell assets at the bottom.
To be honest, the only assets I rate are Sepon, PH and Martbabe. Dugald River seems ok
Rest are junk to me. No one would buy Century. Izok and High Lake. I don't see them as viable if the permafrost melts. I don't see how they could truck any material to port there at all.
Obviously you must be fairly new to Hotcopper, I have been critical on management since June-July for failing to walk away. I've tried to get a shareholder action going in September, people either didn't like my style or thought management knew best.
It's a shame I could not gather the support earlier as I've said. We'd be in a much healthier postion to address the problems.
Right now there are 2 big issues
1 - Operations would be close to running at losses now with copper sub $1.50 Where will any debt repayments come from in the next 12 months. 2- Selling profitable operations still leaves the issue of repaying some of the debt. I don't believe we can clear the debt and have cash to maintain the loss making operations.
OZL Price at posting:
0.0¢ Sentiment: None Disclosure: Held