to all URL (the former URL) holders, never fear, Alistair is here!
You should all be comforted by the fact that the old URL management is effectively gone, and the new management team are here to steer the ship back on course.
Reading a few posts re VCN being a sinking ship over the last year or two is a little misleading. Lets call the last 18mths or so 'corporate hibernation' let me explain....
back in 2007-08 VCN was on the brink of bringing Kylylahti into production - all studies were complete and the first phase of mine construction was being implemented. Then came along the GFC. Finnish smelters went into C & M, and VCN lost it's offtake partners. So management was forced to assess what the GFC would mean to VCN - Cowden and co decided that proceeding with capital intensive mine construction was not feasible if the smelters were closed down, therefore the only smart option was to do the same - put Kylylahti on C & M. Since then, the company cut overheads and looked to preserve it's cash position. IMO, a smart move.
Then with little end in sight for the GFC, the company used the cash to go shopping on the market. Eventually finding URL, a company who had little direction, but a massive resource. The rest is known to all, but i hope you can understand that while VCN was trading below cash backing over the last few years they have now acquired a company for next to nothing and found a way to reinvigorate the company (hopefully). We should be happy about that.
Looking forward, i would expect 'Altona?' to progress with the revised BFS, then direct their attention to bringing on Kylylahti. I doubt URL assets represent the nearer term focus.
It will all take some time, but by the sounds of most posters, you have already been involved for some time anyway, so what's a little more? give Cowden a chance and see if he can produce the goods. I'm backing him still, and will continue to do so because he is a smart operator.
Sorry for the history lesson, but some understanding of VCN is warranted by all as a little understanding should alleviate some concerns.
cheers, Split
URL Price at posting:
12.5¢ Sentiment: Hold Disclosure: Held
