First Majestic & Jerritt Canyon
Question for any Goldtenters who are familiar with the Jerritt Canyon saga. I see that they bought this in 1999 and suspended mining operations back in March of 2023. OK, issues about costs and a contractor etc. So how does a supposed smart mining executive like Neumeyer keep an asset in moth balls for over two years, not earning any revenue, while the gold price has increased by $1500 per ounce since? If you can’t figure out a way to mine the gold there profitably at these prices, then find someone who can, to either jv with or sell it to and move on to other projects. How do you not monetize this one way or the other after two plus years of it sitting idle?
What you heard about Neumeyer a few years back was how smart he was to hold back supply from the market because of “suppressed” prices. That might still be true of Silver but not Gold. I still think the stock will be a large winner over the decade.
https://www.firstmajestic.com/investors/news-releases/first-majestic-announces-financial-results-for-q1-2025-with-record-cash-position-and-announces-quarterly-dividend-payment
Hey, he blew a $1b hole in his balance sheet with this little baby. After a stick in the eye like that one tends to be a little more cautious. AISC is somewhere around $2200. Needs to get gold cemented above $3,000 and then start negotiating with a union that won’t kill him on labor. This takes time. Plus going to have to reengineer the entire process.
Thanks all three for the replies to my inquiry. Still think he is more snake oil salesman than good mining exec. and at least today, from the earnings report, the market seems to agree. Repeat my point above about fishing or cutting bait on JC. How much more does gold have to go up to mine it profitably or sell it.
It is garbage just by looking at the 3 weekly rejections at the 200 ema. Why waste time on the POS ?
https://www.tradingview.com/x/AUHZOQtp/