Screw it, double down man.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
I think $20 is a little higher than we would see. I'd love to see that though. It all depends on when they make a takeover offer and what part of the process the company is in. If it's post permits the yeah, we might see something higher than $4.
Very possible. I would be happy with a $4 buyout. Not at all sure what they would pay. I was fortunate enough to get into duluth metals at the bottom before the buyout over there.
Agreed, heavy volume this week driving it down.
Update: Polymet Mining Bolsters Working Capital
Feb. 4, 2015 7:24 PM ET | by Itinerant | about: plm | includes: glcnf
Summary
Polymet Mining closes $30M loan facility with Glencore, documenting ongoing support by the mining giant.
Permitting remains the main catalyst.
Confirms our view that 2015 is a big year for the company.
On February 2, PolyMet Mining (NYSEMKT:PLM) announced that it has entered into a $30M loan facility with its strategic partner and 29% shareholder Glencore (OTCPK:GLCNF). The company has already drawn down $8M at the end of January, and will be drawing down three more tranches throughout this year. The interest rate of LIBOR + 8% is quite advantageous and documents the ongoing support of PolyMet and its NorthMet project by its large partner.
This move came as foreshadowed in the non-binding term sheet mentioned in the Q3 report and alleviates our concerns regarding low working capital as pointed out in our recent article on the company.
The permitting process for the NorthMet project is entering the home straight, and closing a financing deal will need a positive conclusion to this process. The newly announced debt will come due "on the earlier of March 31, 2016, or the availability of at least $100 million of construction finance," which implies confidence that mining permits will be obtained in the not-too-distant future leaving enough time to close project financing within the next 14 months.
This latest news release confirms our view that 2015 is a make-or-break year for PolyMet Mining, and permitting remains the looming catalyst, now more than ever.
http://m.seekingalpha.com/article/2880716-update-polymet-mining-bolsters-working-capital
Over the course of this week, shares of Molycorp Inc. (NYSE: MCP) have more than doubled. Monday shares increased 40%, and Tuesday shares grew by another 67%. This begs the question of whether this cult stock is back and if it can get past the New York Stock Exchange’s $1 rule — the stock has been under $1 since the end of November.
What drove shares up this time was a report that Molycorp’s Mountain Pass California facility increased its rare earth production in the fourth quarter to nearly double the previous quarter.
Shares of Molycorp (NYSE:MCP) were the target of some unusual options trading on Wednesday. Stock investors acquired 9,550 put options on the company, Stock Ratings Network reports. This is an increase of 928% compared to the typical volume of 929 put options.
It'll be interesting to see how it closes the week out.
After a 2 day 100% gain I think it's holding just fine.
Agreed. This increased buying pressure will bring a squeeze.
Had trouble breaking .95
Here we go. Headed towards $1
Molycorp Bond Prices Rise 3.7% (MCP)
An issue of Molycorp (NYSE:MCP) bonds rose 3.7% against their face value during trading on Tuesday, American Banking News.com reports. The high-yield issue of debt has a 10% coupon and will mature on June 1, 2020. The bonds in the issue are now trading at $54.50 and were trading at $45.00 one week ago. Price changes in a company’s bonds in credit markets often predict parallel changes in its share price.
Options traders were heavily trading options contracts signaling an alert for shares of Molycorp. A total of 13.35K put and 12.35K calls were traded equating to a 1.08 put/call ratio.
Investors use options to manage risk and to speculate on price changes. Options can provide significant leverage if the stock moves in the right direction but aslo end up worthless if it doesn't.
Shares of Molycorp settled at $0.80, up $0.32 (67.90%) in the last trading session. The shares of the stock had an intraday low of $0.52 and high of $0.81. Performance indicators show that the stock has lost -65.32% within the last quarter. The stock's 52 week low is $0.28 and 52 week high is $5.62.
Molycorp, Inc. is a rare earth oxide producer in the Western Hemisphere. The Company owns fully developed rare earth project outside of China. It is a development stage company.
http://www.avafin.com/articles/1037396.html
Part of the CBS article.
"The range sits atop the world’s second largest copper, and third largest nickel, deposit in the world."
"PolyMet is waiting for results of an environmental review, due this spring.
State officials say they will make a decision within 150 days after that."
.....Doing the math.... 150 days after April 30th, "expect DNR results by then," is Sept 27th
Not seeing $5 anytime soon, of course I wouldn't argue. However it's moving quicker than I expected.
She is a millionaire with nothing better to do.
Minnesota lawmakers hear copper mining update
Minnesota lawmakers on Tuesday heard from supporters and critics of proposed copper mine projects in the state even though no legislation is proposed on the issue.
The Mining & Outdoor Recreation Policy Committee in the Minnesota House heard nearly two hours of testimony from mining companies, Iron Range officials and opponents of copper mine projects such as PolyMet and Twin Metals.
PolyMet officials reiterated their hope that state and federal officials will finish the environmental review sometime this spring, with a final decision later in the year on mining permits for the proposed open-pit mine near Hoyt Lakes -- what would be Minnesota’s first-ever copper mine.
Twin Metals said their new owners, Chilean-based Antofagasta, bring to Minnesota “a very strong balance sheet” that will help move the underground project near Ely forward in coming years, although the project still has not yet applied for formal environmental review.
Supporters -- including elected officials from Iron Range towns, the Minnesota Chamber of Commerce and union leaders -- continued to express their hope that copper mines will help diversify the region’s economy and add high-paying jobs for decades to come.
Critics noted that the recent Mt. Polley copper mine disaster in Canada, where a tailings basin dike collapsed and sent billions of gallons of contaminated water downstream, shows that even modern mines can cause massive environmental damage, especially in a water-rich environment like Northeastern Minnesota.
Others said adding massive mining projects adjacent to the Boundary Waters Canoe Area Wilderness will diminish the pristine nature of the region, damaging the tourism-based economy even if waters aren’t polluted.
But Rep. Jason Metsa, DFL-Virginia, argued back at critics who say copper mining can’t work in the region, noting iron ore mining has been underway for more than a century.
“Know that this is where we live. We want it done right,’’ Metsa said. But “mining is being unfairly isolated out as an industry that pollutes. It’s hard to dig a hole and not get dirty.”
Lawmakers and mining company officials said they expected no legislation this year directly related to copper mining.
http://www.duluthnewstribune.com/news/3670837-minnesota-lawmakers-hear-copper-mining-update
If this miraculously is able to get above a dollar and stay there for 30 days and avoid delisting that way.... We should see upward movement after that. Another good press release would be great.
More good news and this could get serious.
Yes sir!
Pre market looks pretty good.
It's why I used the word "gamble"
PolyMet Mining Offering $5,000 Scholarship
Updated: 02/02/2015 11:10 AM
Created: 02/02/2015 10:40 AM WDIO.com
PolyMet Mining is hoping to get students excited about STEM, Science, Technology, Engineering, and Math.
"We know the future workforce of the mining industry will rely on the STEM. So we're hoping to promote these subjects with a $5,000 scholarship," explained LaTisha Gietzen, VP of Public, Government, and Environmental Affairs.
Any high school student, grades 9-12, from around the state are encouraged to apply.
Two finalists will be chosen each month through June, to be profiled on KSTC-TV, Channel 45, in the Twin Cities. They will automatically be entered in the contest to win the $5,000 scholarship.
The winner will be announced in June.
http://kstp.upickem.net/engine/Welcome.aspx?contestid=153971
In case people missed it...
NEWS: Rare Earth Production Rises in Q4 at Molycorp's Mountain Pass Facility
GREENWOOD VILLAGE, Colo., Feb. 2, 2015 (GLOBE NEWSWIRE) -- Molycorp, Inc. (MCP) ("Molycorp" or the "Company") today reported that rare earth production in the fourth quarter of 2014 at its Mountain Pass, California facility increased year-on-year and nearly doubled that of the preceding quarter.
Mountain Pass completed Q4 of 2014 with 1,328 metric tons (mt) of rare earth oxide (REO) equivalent production. That compares to 1,034 mt in Q4 of 2013 and 691 mt in Q3 of 2014. Full year 2014 production totaled 4,785 mt, compared to 3,473 mt in 2013. Per-unit cash production costs at Mountain Pass also declined sequentially in Q4 of 2014.
Company officials said that the higher production volumes they expect at Mountain Pass in 2015 should coincide with relatively strong demand the Company is seeing for products such as the magnetic rare earth material Neodymium/Praseodymium, Lanthanum, and Light Rare Earth Concentrate ("LREC"). Molycorp processes Mountain Pass LREC at vertically integrated downstream processing facilities into a variety of value-added engineered materials, including rare earth magnetic materials for multiple downstream markets and vehicle emissions catalysts that consume cerium and other materials.
The Company said that its onsite Chlor-Alkali plant at Mountain Pass is performing well in producing hydrochloric acid ("HCl"), a key chemical reagent used in rare earth production at Mountain Pass. Moreover, commercial availability also has improved, such that HCl currently is no longer a significant constraint to production. Molycorp's Chlor-Alkali plant helps to lower cash production costs by generating chemical reagents onsite, reducing waste water disposal costs, and further shrinking the environmental footprint of rare earth production.
Company officials reported that repairs of construction-related issues with the facility's newly expanded Leach system are ongoing. Once fully operational, that system is expected to increase rare earth production and lower operating costs.
"We were pleased to see our production increase in the fourth quarter relative to the preceding quarter and year-on-year," said Geoff Bedford, President and CEO of Molycorp, Inc. "Optimization at Mountain Pass is ongoing, but our Q4 production demonstrates momentum in the right direction. Rare earth pricing softened in Q4 with market uncertainty surrounding release of final details of China's ongoing reforms to rare earth mining, separation, and export regulatory policies. However, given the relatively strong internal and external demand we are seeing for many Mountain Pass products, continuing to boost production there is a top operational priority."
Yeah, hopefully we hear from the dnr soon. If the EIS is approved, $2 by summer would be great.
Not sure about that but I'd take it.
Glad I took a gamble on it last week. $1 this year would be great.
This provides funding through the permitting phase. Great news!
Interesting wording by the Duluth News Tribune....
"Fledgling company"...??!
"Stock price expected to soar"...
How much is "Soar"??
"In a similar deal, the IRRRB currently owns stock options for PolyMet, the fledgling firm trying to start an open-pit copper mine near Hoyt Lakes. In 2011, the IRRRB loaned PolyMet $4 million so the company could conduct an expensive land trade with the U.S. Forest Service and several private landholders. PolyMet needs the deal to gain access to the mine site.
PolyMet — if and when it mines and sells any copper — will have to pay back the $4 million with 5 percent interest, like any conventional loan. But as an added incentive to make the loan, PolyMet also gave the IRRRB warrants, or options, to buy up to 400,000 shares of PolyMet stock at $2.50 per share at any time. (As collateral, the IRRRB would take control of the private land purchased in the deal should PolyMet not be able to repay the loan.)
That would be a bad idea for the IRRRB now, considering PolyMet stock is trading at just more than $1 per share. But if PolyMet receives state and federal approval to mine, that stock price is expected to soar. The IRRRB could make a handsome profit by buying and then selling those stock options at that point. And Phillips says that profit would be plowed back into other Iron Range economic development investments."
I think the company has lost all consideration for its shareholders in my opinion.
People betting against today's news?....
Timberline Resources Corp Sees Large Increase in Short Interest (TLR)
Shares of Timberline Resources Corp (NYSE:TLR) were the target of a large growth in short interest in January. As of January 15th, there was short interest totalling 110,759 shares, a growth of 124.5% from the December 31st total of 49,336 shares, Analyst Ratings Net reports. Based on an average daily volume of 40,745 shares, the days-to-cover ratio is currently 2.7 days. Currently, 1.3% of the shares of the stock are short sold.
Shares of Timberline Resources Corp (NYSE:TLR) opened at 0.6906 on Wednesday. Timberline Resources Corp has a 1-year low of $0.44 and a 1-year high of $2.88. The stock’s 50-day moving average is $0.62 and its 200-day moving average is $0.92. The company’s market cap is $6.8 million.
Timberline Resources Corporation (NYSE:TLR) is an exploration-stage company.It focuses on district-scale gold projects, such as its south eureka property in Nevada, as well as its 50% carried-to-production interest in the Butte Highlands joint venture.
Polymet Mining Has a Compelling Narrative, says HC Wainwright & Co. Managing Director
Copper Company News
Wednesday January 28, 2015, 12:10pm PST
Polymet Mining Corp. (TSX:POM) was mentioned as a company with a compelling narrative by Heiko Ihle, managing director at H.C. Wainwright & Co., in his interview with The Gold Report.
As quoted in the interview:
TGR: What are some other companies that you believe have compelling narratives in 2015?
HI: One is PolyMet Mining Corp. (POM:TSX; PLM:NYSE.MKT). It’s a very viable project in northern Minnesota, an area that needs jobs. Governments at all levels want economic development in that region. PolyMet is a long-term story. There was a mine there before and the facility was used for decades.
TGR: Do you believe this will become a mine again?
HI: In the long term this could very well become a mine again.
TGR: What’s your target on that one?
HI: The price target on PolyMet is still $2/share. The price target didn’t go down very much when we adjusted our price deck, essentially because there are a lot of commodities such as copper and nickel for which we didn’t adjust our price deck.
http://copperinvestingnews.com/22946-polymet-mining-minnesota-gold-report.html
ROD issued. Ready to start construction.
Timberline Announces Authorization for Construction and Operation of Butte Highlands Underground Gold Mine
COEUR D'ALENE, IDAHO--(Marketwired - Jan 27, 2015) - Timberline Resources Corporation (NYSE MKT:TLR)(TSX VENTURE:TBR) ("Timberline" or the "Company") announced today that the Montana Department of Environmental Quality ("MDEQ") has authorized Butte Highlands Joint Venture ("BHJV") to construct and operate its proposed underground gold mine south of Butte, Montana by publishing its Record of Decision ("ROD") on the Final Environmental Impact Statement ("EIS") for the project. The MDEQ, which was tasked with evaluating and selecting a plan for operating the mine, has selected the Agency Mitigated Alternative authorizing BHJV to construct and operate the proposed mine with certain modifications to some aspects of BHJV's proposed plan.
In announcing its decision in the ROD, the MDEQ noted, "The DEQ has selected the Agency Mitigated Alternative, authorizing BHJV to construct and operate the proposed underground gold mine. A detailed description of the Agency Mitigated Alternative is set forth on pages 51 through 62 of the Final EIS. This alternative meets the purpose and need for the proposal and complies with the substantive requirements of the Metal Mine Reclamation Act, the Montana Air or Water Quality acts, and the Montana Public Water Supply Act. The Agency Mitigated Alternative includes reasonable mitigation measures addressing compliance issues associated with protecting water resources as required by Section 82-4-336(10), MCA. While some of these mitigation measures were not included in the Draft Permit, they were developed in consultation with BHJV and are included in the Final Permit with the consent of BHJV."
The MDEQ added, "The Agency Mitigated Alternative includes modifications to some aspects of the Proposed Action. Under the Agency Mitigated Alternative, DEQ would require additional water quality monitoring, mitigations for reductions in flows during groundwater recharge after mining ceases, and flow augmentation in Fish Creek."
Timberline owns a 50-percent carried-to-production interest in BHJV, which owns the Butte Highlands Gold Project where mining is expected to commence following the issuance of the final hard rock operating permit ("Final HROP") and the U.S. Forest Service ("USFS") approval of a road-use plan of operations for material haulage. Timberline's joint venture partner is funding all mine development costs through to commercial production with Timberline's share of those costs to be repaid from proceeds of future mine production.
Kiran Patankar, Timberline's President and CEO, commented, "It is gratifying for the BHJV team to have achieved this key permitting milestone after a very lengthy process since submitting the Draft EIS for the project. We are pleased with the consultation between the MDEQ and BHJV, with critical input from Montana Fish, Wildlife, and Parks, and Butte-Silver Bow. This cooperation has led to a sensible 'win-win' mitigation plan for the project, which provides for restoration of the site to pre-historic mining conditions in order to improve fisheries and provide significant economic benefits to the community. We now look forward to the USFS completing the road permit and ongoing cooperation with the regulatory agencies and the city and county of Butte-Silver Bow."
The ROD includes a final Basin Creek Stream Flow Nonsignficance Determination which concludes that reduced stream flow in upper Basin Creek that would result from plugging of the historic Highland Mine adit does not constitute significant degradation to the environment. The complete text of the ROD may be viewed at http://deq.mt.gov/eis.mcpx.
With a positive ROD now issued, the DEQ is currently calculating the amount of a reclamation bond for the project. Key elements in that calculation have already been completed including estimates for plugging of the historic Highland Mine adit. The Final HROP can be issued once BHJV posts the reclamation bond.
Other critical permits required to allow mining to begin have already been issued including the Montana Pollutant Discharge Elimination System ("MPDES") Permit, MDEQ Air Quality Permit, EPA Underground Injection Control Permit, Conservation District 310 Permit, and an Army Corp of Engineers 404 Nationwide Permit. In addition, Butte-Silver Bow County has approved BHJV as a commercial water customer to support mitigation measures identified in the ROD.
The Company also today announces a revised schedule for completion of the National Environmental Policy Act ("NEPA") environmental review by the USFS Beaverhead-Deerlodge National Forest on the proposed Plan of Operations for the Butte Highlands Mine Haul Road. The USFS issued a draft Environmental Assessment ("EA") in March, 2014 and now schedules release of a draft decision for public comment on March 18, 2015. The final decision is scheduled for May 11, 2015.
http://finance.yahoo.com/news/timberline-announces-authorization-construction-operation-133000228.html?.tsrc=applewf
A 30 cent difference between exchanges. Crazy
Thinking into the future and setting up a strategic partner. Very smart move.
It's coming together folks!
A little surprised it held it's gains from Monday.
Blocks are getting bigger. I'd like to hear something from the company.
340,000 share buy after the bell
I think this will taper off through the week until a press release.