CYM announced the AUD50m prepayment and 100% of stage 1 offtake on the 27th June.
The average copper price for the month prior to this announcement was around 4.15 USD/lb, you would assume Glencore were comfortable with 4.15 USD/lb, the current copper price, not considering the AUD is only 6% off this 4.15 USD/lb mark.
Thankfully Bazz is out there letting the market know all the facts about Nifty phase 1 and when the cathode buyers are happy to pay the incentive price for copper of around 4.15 USD/lb us shareholders will be duly rewarded for our patience.
With current record low world wide copper stocks and declining copper production and increasing copper demand, I am happy to join the queue of patient CYM shareholders for a few more months.
GLTAH
CYM Price at posting:
9.3¢ Sentiment: Buy Disclosure: Held
