The Investment Doctor • Fri, Sep. 12
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Update: Western Copper Outlines The Next Steps At The Casino ProjectThe Investment Doctor • Fri, Sep. 12
- Western Copper and Gold has entered into a LOI with M3 Engineering for its Casino copper-gold project.
- This wasn’t expected, and the formal agreement will likely be signed next year.
- The investment thesis remains unchanged as I don’t think this will have an impact on the valuation of the company.
The Lumina Copper Buyout Shows There's Hope For Western Copper
- The Lumina Copper buyout by First Quantum Minerals shows there's appetite again for high-capex projects.
- Even though the $2.5B initial capex might scare you, the Casino project is expected to produce copper at a negative cash cost (thanks to the by-product revenue).
- I expect a strategic deal whereby a partner acquires a stake in the project which could help Western Copper to develop the project.
- Also don't forget CEO Dale Corman sold his previous company for over $1B, so he has some experience on the M&A front.
- The decision to spin off non-core assets in 2011 was a good idea as it allowed the management to focus on the Casino project.
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Nov. 28, 2011, 1:37 PMToday's bounce in copper futures is helping to push copper mining stocks higher: Freeport-McMoRan Copper & Gold (FCX +6.6%), Augusta Resource (AZC +6.2%), Southern Copper (SCCO +6%), Cliffs Natural Resources (CLF +5.8%), HudBay Minerals Inc. (HBM +5.5%), Taseko Mines (TGB +4.3%) and Western Copper & Gold (WRN +3.8%). | 1 Comment
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