Originally posted by ozblue
Why was the plant written down to zero value if they could make a profit on the copper and not re-opened??
Some gold mines, nickel mines, copper mines etc all close down/go on c&m basically because they are not profitable at the prevailing prices.
IMHO if the plant had not been closed because of being unprofitable processing copper, then the opportunity for a deal here would never have been available. Why else do you think the opportunity was available in the first place??
Do you really think that a profitable operation is going to entertain a huge loss on original investment to go off on a tangent with an unknown company??
Some holders need to start thinking clearly here, about why the plant was available for such a cheap deal in the first place. Or perhaps get on the phone and ask JB would be simpler.
@ozblue, come on really, so your saying after spending 80 million dollars on a plant that has to be put into care and maintenance you automatically write it off because it is not making any profit, when the price of the product falls below your cost to produce you stop producing until the product rises in price so as to make a profit, maybe the owners were mining as well and now Jason has come along and shown them a far better way to make money, stop mining and get a better product delivered to your door for next to nothing, as you have pointed out lots of gold, nickel and copper mines go into care and maintenance but they do not write down there plant to zero, I would do that for a tax break, yes I do think a company would show a huge loss and go off on a tangent with a company especially if it was headed up by Jason Brewer, they get a huge tax relief by writing it down, then they get to be in the top 10 cobalt producers in the world, win/win, and when cobalt ceases to be of value as you continually assure us, we will then continue as a copper only producer, the amount of copper that is going to be required alone between now and 2025 is incredible, and then we have our strategic partners off attempting to bring the prepaid offtake agreements to the table, they are definitely the best negotiators in that region and I am sure they will bring the best to the table, so we have until no longer needed a top 10 cobalt producer then a world class copper producer, no wonder the CR was oversubscribed by 25%, not long to go now,
