re: Ann: Binding Cash Offer Received for West...
The offer was for 100% of the tenements, COY only own 28% (Barrick own 72% and ARE SELLING) so of the $13m offer, only c $4m is attributal to COY, less than the market cap
I suspected this yesterday and luckily didn't buy in. Read the announcement today fully, the above is explained there
Barrick have spent $27m alone on drilling (from memory)
It has always been cheap on a EV/resource basis, but it doesn't seem economic currently... / no body is going to put in the capex to develop the project as it currently stands
Barrick pulling out is not a good sign IMHO, they have drilled deep and not hit anything interesting enough for them to hang around
Still cheap, worth a punt if they can sort the funding out and the new project looks interesting
COY Price at posting:
3.9¢ Sentiment: Hold Disclosure: Not Held
