Some of you have no doubt been following this story. The stock has been under a cloud since the accident, in spite of good drill results in their pit expansion program. The question of criminal negligence was raised, and I suppose that's what's holding it back.
I have little experience with mining, but a fair amount when it comes to the oil industry and dealing with hazardous conditions.. As the foreman in charge, knowing the mine was previously flooded and knowing the cage could only be controlled from the surface, I would have sent it down empty first to see if it came back wet. In my mind there was negligence in not doing so, but is it criminal, and at what cost to Metanor?
In short, are we seeing a buying op. here, or is this something to avoid as the market seems to suggest? I have little knowledge of the law as it pertains to mining practice. Could this cost them the company, or is it something they can recover from? I'm prepared to buy at these prices and wait it out if someone more knowledgeable can concur. Anyone?
ebear
