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Which will be worth more at end 2015?

6/20/08

Hecla (HL) bails on Venezuela

der der dum dum dum...another one bites the dust

This afternoon, Hecla Mining (HL) surprised nobody outside of the V-Headline 'newsroom' (I use the word against my own better judgement) by selling its Venezuelan assets to the russkies at Rusoro for U$20m plus 4.7m shares of RML.v (which means that basically HL has sold for next to nothing before getting kicked out and receiving nothing). Next in line the GRZ assets at Choco? I'll betcha a fiver on that one.

Now, let's all have a wild guess about how much chance Crystallex has of winning its rebuttal against the decision not to award its operating licence. Is it:

a) Zero
b) Zilch
c) Bog all
d) Not even in the next life

My stars, KRY is a screaming short here. Anyway, back at Rusoro, and Peter Hambro certainly had his head screwed on when he bought a large slice of RML recently, did he not? As the old saying goes, "It's not what you know, it's who you know", and I can't see Hugo falling out with the country that's supplying him with submarines and Mig fighters.

UPDATE FRIDAY MORNING: Peter Hambro not hanging around, and sealing the deal before RML think twice and raise the price. Here's the link. Hambro = smart dude.