IKN

a plague o both your houses

Chart of the day is….

…Chariot Resources, (CHD.to), three month chart.

The IKN Weekly bought this stock at 20c a few weeks ago and sold this week at $0.415. Yes we have 100%+ winners and yes we take profit without later regrets, but now things are getting political. We bought as a value play, looks like Lundin are doing so too…but on a much grander scale. Here’s Mineweb with the story: the PPS could now go much higher:

Lundin Mining Chairman Lukas Lundin is heading a proxy battle for control of Chariot Resources (TSX: CHD) and has proposed a new board of directors-all of whom have ties to the Lundin group of companies.

At 18.3%, Toronto-based Lundin Mining is the largest shareholder of Chariot, which is developing the Mina Justa/Marcona copper deposit in Peru. Mina Justa could produce 2.38 billion pounds of copper, 16 million ounces of silver, plus a small amount of gold.

In a response aimed at Chariot shareholders, which was released early Friday morning, Chariot’s Board of Directors called the action of the Lundin directors “an opportunistic attempt to steal control of your company through control of the board without paying a control premium to you for your shares.”

However, Lukas Lundin and Brian Edgar, a director serving on both Lundin and Chariot boards, are calling on Chariot’s shareholders to replace the current board, who they believe failed to progress Mina Justa/Marcona in Peru, “leading to a consistent undervaluation of Chariot by the market.” CONTINUES HERE

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