Correct, they really need a few more Altona like takeovers to reduce their debt, but the market loved the new mine plan and the Aussie Shares trading at a 6% discount to their Canadian peers, opportunity is there for companies like Zeta Resouces to arbitage the FX exchange difference by buying C6C in AUD on the ASX converting them to CMMC and selling them in CAD on the TSX.
If there is positive news out of China/US trade then we could quite easily see $1.50 a share if the copper price gets above $3.20/lb and then look out for an equity raising by CMMC to reduce leverage. If Commodity Prices such as Iron Ore and Copper continue to rise we should see strength in the CAD/USD relationship which helps the FX ledger but that is hedged against lower CAD realised prices for Copper sales.
C6C Price at posting:
$1.06 Sentiment: Buy Disclosure: Held
