"The bell is ringing and I am picking a complete take over! They could swallow RXM for 300 million, spend 700 million on a plant and be in business."
I am wondering what $300M would buy - Hillside only maybe?
If Richard Ls optimism for the Hog becomes a reality its value alone might well exceed $300M?
In addition to the Hillside leases Rex has maintained its hold over 9 Moonta South leases totalling 2235 square kms. The Hillside leases only represent 1.5% of Rex's total Yorke Peninsula leases. I also wonder if there might not be one or more additional "Hillsides" waiting to be found in the the other 98.5% of Yorke Peninsula leases?
Wiser heads than mine will no doubt point out that no "deposits" exist until they are proven but I can't help remembering being told at the Moonta Mining Museum that Moonta was once the largest copper region in the British Empire (and back in those days that Empire covered a lot of the globe) and that Moonta Region mining only stopped when the copper price fell. Hence I assume that there must be some value that can be attributed to the old Moonta South leases as the technology available to the old time miners would presumably have left a lot of copper remaining even in the worked mines.
I also assume that Richard L sees some value in the Moonta South leases as they have been maintained for years and some held by Rex since 2008.
I mention the above as I believe that while perhaps concerned about progress to date we should "keep the faith" in Rex to meet the Hillside program just outlined and hope they might liven up a bit in providing an up to date and significantly increased Resource Estimate for the Hog.
Go Rex (please!)
RXM Price at posting:
28.5¢ Sentiment: Buy Disclosure: Held
