Arnold,
I wouldn't be holding my breath for a dividend next June. The PR that talked about this said that they expect to be in a position to do a dividend. It did not say they would.
The latest PR said that they would "consider pursuing open market buy-backs and retirement of outstanding stock in order to provide a tighter capital structure". I personally think would be a higher priority than paying a dividend.
I see 4 possible good uses of profits for next year, and paying dividends is the one that I think would be the least likely. But I also think that any of them, or any combination of them, would boost the stock price.
1. Buy back outstanding shares of stock and retire them.
2. Start phase 2 of the mill and increase their ore processing capacity.
3. Pay dividends to all shareholders.
4. Pay down some of their debt to increase the strength of the balance sheet.
Let's look at the dividend possibility. Their forward looking financial plan called for a 1st year profit of around $60M. However, the price of copper in that analysis was much higher than it is now. So let's assume that their first full year will produce at most $25M-$30M. Real production probably won't start up until later in January and I am sure there will be some hiccups along the way during the first 3 months. So by June, the best I can see would be a profit of somewhere in the neighborhood of $10M. And then I would think that, at best, they would use 1/2 of the profits for dividends and keep at least 1/2 for other uses. That leaves at most $5M to be split amongst 2.5B shares, which comes to only $.002 per share. And I personally don't think that is a large enough dividend to make a dramatic statement in the market.
They also stated in their lastest PR's that they want to "pursue a formal exchange listing". To do that you really need to get the share price way up and I don't think $.002 dividend will help much with that. I think you take advantage of the stock staying on the Pink Sheets for a while longer (which may help to keep the price lower) and buy back and retire as many shares as you can. That will really strengthen the share price and support the long term holders of the stock.
All I can say at this point is that it is starting to get interesting!
F-Cubed
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