"...this perenially underperforming company isn't showing better operating margins. Costs keep eating into too much of that revenues number and we should be seeing better margins from a company that pays in Loonies but sells its wares in USD.
The debt on the CUM books is heavy, but most of it doesn't come due until the next decade and the next two years are very light in repayments. The company has financial time and isn't going to feel a cash crunch, but it's been a poor operator for way too long and its management team has to come under deserved scrutiny one of these days, you can't get a pass like this forever.
If I were Mitsu, I'd look for the moment to buy these jokers out and then put in a team that can actually run this company. One thing's for sure, if copper rebounds the Loonie will go with it and you'll suddenly see eyepopping net profits coming from this one."