Tuesday, 19 April 2011
More investment disasters
Now as before, EMED are trying to re-open a copper mine in Spain and it is proving very troublesome. Today they finally announced the news that the Government departments have approved their plans, however this is tempered by the fact they have also extended the area the want EMED to be environmentally responsible for clean-up of. This latter news means another delay whilst they look into this and probably a cost in the future to the project.
Overall, it is not great news so the share price is off 20%, on the other hand the mine is now really going to open after nearly 6 years of trying. So wwe are looking at Q3 or Q4 this year for final approval (it was supposed to be Q2).
EMED is now 13p a share; the target projected price of brokers is 32p, 52p, with 70p as an optimistic level from one. I would be happy with 30p pre-opening and moving up to over 50p in 2012. A 300% opportunity - so a good time to buy in over the next few days/weeks as the shareprice settles.