DPM.TO - bottom not in but...
Currently at $1.02 and either $1.02/1.03 was intraday low in late December 2008 tax loss selling / financial crisis lows.
Next mine Krumovgrad getting closer, but not permitted, and complex smelter in Namabia commissioned and running, so DPM is arguable in a better spot than 2008.
They have a current ration of 1.70X at Sep-30-15, have decreased G&A 40% in 2015 (per Q3 conference call), report in $USD with head office and salaries mostly in $CAD. They have $USD 133M in debt outstanding and only $USD 40M of that is a term loan which is repaid to the tune of $USD 16M/year.
Copper is less hedged in 2016 (maybe 50%) and will become fully hedge free in 2017 so they won't be a low AISC as before (copper by-producet credits @ $3+ copper) but they are not going under.
Maybe market is smelling a PP, but looks like my original tought was write that DPM would retrace full 2008-2011 move.
Here is update on Krumovgrad from Q3 conference call transcript.
Municipal elections in Bulgaria were held on October 25, with the ruling center right third-party, maintaining strong support and winning most of the key mayor positions. The incumbent mayors of both Chelopech and Krumovgrad won their elections. With the new election – with the election now over, municipality and government activities have returned to normal.
We've made excellent progress on our permitting activities in the quarter. On October 12, the Krumovgrad main detailed development plan was approved by the Krumovgrad municipal council. Once a two week review period has expired and no objections have been raised, the final approved GDP will come into force. Once this is in force, we can seek final approval for re-designation of the land from forestry land to industrial land from the Executive Forestry Agency, which then allows us to initiate the land purchase process.
We also received a waste water discharge permit in August from the Water Basin Director and have advanced approval of the new access road and discharge water line. We're now targeting land re-designation and purchase in the first half of 2016, and issuing of a construction permit by mid 2016.
We expect to complete an updated execution schedule and associated capital cost estimate by the end of March 2016, and subject to the full funding being in place and construction permit in hand, we will then seek board approval for full project release. It is currently anticipated that construction could commence in the second half of 2016 which commenced in our production in 2018.
Kapan metals production improved significantly in the quarter. All metals contained in both copper and zinc concentrates produced were well above previous quarters, with significant improvement and the grades achieved through the efforts on dilution control in the narrow lane mining. Recent problems with one of the two mines, two jumbos has reduced the mine developed inventory levels and the available working spaces for production. This will negatively impact operations in the fourth quarter and delay a further increase in metal production. However, the mine is expected to remain within guidance for the year.
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