I agree with a lot of your assessment, but remember that both Copper Mountain and New Ingerbelle also have other risks being such low grade and low margin Cu mines, if the Canadian exchange rate or unexpected political events in Canada, price of oil or copper prices go against them they are screwed even though they get to run the road base through an already constructed mill.
The other danger is the execution risk and the opportunity cost of Little Eva not coming online in time for the next Cu commodity high price cycle, I argue that Little Eva should have been under construction by now already, and be ready to catch this high copper price cycle that we are about to go into.
By the time CMMC pull their finger out and press the go button they will be in the next commodity boom, and will be competing against every other mining company for labour and construction contracting and procurement services , that's a recipe for disaster with an ultra low grade and low margin supporting any cost overruns and execution risk.
Might be easier to sell or JV out the Mt Roseby projects to either MMG or Glencore given they have mills already constructed and operating nearby.
C6C Price at posting:
$1.23 Sentiment: Hold Disclosure: Held
