Our Favorite Gold And Silver Potential Takeover Candidates: Meet This Peruvian Bear
- Bear Creek Mining's Corani deposit is one of the largest undeveloped silver deposits in the world.
- Corani is an advanced stage deposit that would almost double most major miners' silver reserves overnight and would cost a little over $100 million.
- Pan American Silver is the most logical acquirer as it could double its reserves with an acquisition and already has operations in Peru.
- We think acquirers will wait until the Peruvian government concludes its ruling on the company's Santa Ana deposit.
- Bear Creek Mining just filed its Q3 financials showing a loss of C$5 million and a cash position of C$38 million.
- This is in line with my expectations.
- Shares of Bear Creek Mining have corrected substantially after optimism over the company's Santa Ana Project, silver bulls should consider taking a position.
Update: Bear Creek Mining Removes VP Of Exploration
- Bear Creek recently announced the elimination of its VP of Exploration position, though the company will maintain a consulting contract with Mr. Rios.
- This position is very important to any explorer and shows management is very serious about cutting costs and preserving cash.
- This decision will not affect any of the large short-term catalysts for the company as neither require spending from the areas being cut.
- We think this is the right move by the company as sometimes it is better to do nothing and sit on reserves than drain cash in a down market.
Update: Bear Creek Mining Slashes Expenses As Silver Plunges
- Bear Creek Mining is slashing expenses in order to preserve capital in this lousy silver price environment.
- I had not anticipated this, although it makes sense given the market environment.
- The stock has corrected more than I had anticipated and is worth buying if you are bullish of silver.
Update: Bear Creek Mining Provides Updates Regarding Plans To Improve The Economics At Its Corani Mine
- Bear Creek Mining just announced some of its plans to improve the operations at its flagship Corani Mine.
- I had not anticipated this last year when I recommended the company.
- Shares are substantially higher since my recommendation despite weakness in the silver market, and I would wait for a pullback.
Bear Creek Mining: The Market's Undervaluation Of Santa Ana Provides Investors With A Nice Upside
- Recent Peruvian court's decision on Santa Ana adds significantly to Bear Creek's potential.
- Market attached a $50 million value to Santa Ana where we think based on conservative comparables it should be closer to $80 million.
- Santa Ana has additional upside that is not included in the comparables including expansion of the resource at depth, additional silver recoveries, and the inclusion of 36 million silver resource.
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BCEKF vs. ETF Alternatives
Bear Creek Mining's Corani and Santa Ana Projects (subject to disclosure from June 25th 2011 press release) contain more than 500 million ounces of silver of which over 330 million ounces are in reserves providing near-term production potential and excellent leverage to silver prices. The... More
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