Your humble scribe read today’s NR from Stillwater Mining (SWC) (he reads all the pre-bell NRs from miners, no matter how boring) and the interesting part of the operations update and 2q12 confcall announcement wasn’t what was in there, but what wasn’t. They talk about the North American things they’re doing, but nary a peep of a squeak of a word was forthcoming about Altar, the massive porphyry that SWC acquired by buying out Peregrine last year for $487m
I mean, surely if you pay nearly half a billion dollars for a mine project you’ll have it up there with an important place in your company structure? But no, apparently not, because SWC doesn’t seem to want to talk about Altar any longer. I wonder why?
Ah yeah, that’ll be it. Maybe, just maybe, the fact that they paid $487m just 12 months ago for another company and find the whole of SWC priced at $880m today has something to do with it? Y’know, just a wild guess.
In fact, thinking about it, it’s kind of impressive that these dumbasses haven’t been on the sharp end of a proxy slate…yet.