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Bear Creek Mining (BCM.v): All dressed up and no place to go

The only line that matters from today's NR out of Bear Creek Mining (BCM.v) announcing that its Corani project is now fully permitted:
"Our Board of Directors will consider a Corani construction decision when a compelling project financing structure is arranged."
It means that BCM doesn't have the U$585m to build its mine, which is a slightly larger problem than getting those permits. The problem compounds when you note that the project runs an IRR of 15.1% at U$18/oz silver, which is a nice way of saying "this isn't going to work at lower silver prices. But even then, that's the project economics and does not take into account the price any acquirer would have to pay to buy out those 103m shares of BCM. Would this C$1.86/share company accept a cash offer of C$3.00? Probably, but why would a buyer remove U$240m from its NPV of $404m?

mmmmm......"optionality on silver"......mmmmmm