WMC was taken over roundabout when I started investing in the stockmarket so I don't know them too well. Nonetheless, the wikipedia entry kinda confirms what I suspected. Medium size company with revenue flow. According to wikipedia, "In 2003, the company made a profit of A$245 million, on assets of approximately A$4000 million."
I'm guessing they had a substantial portfolio of projects at various stages of development. They probably spent a substantial amount of money drilling duds til they found Olympic Dam.
The drilling of duds, that I can believe AGS can replicate. No worries there. The releasing of ASX announcements claiming a technical success. Yep, they can keep knocking those out.
Can they find/buy an economically viable resource worth developing? We'll see.
AGS Price at posting:
3.4¢ Sentiment: Sell Disclosure: Not Held
