With the official clock starting the count down to Teck's option call beginning on Monday you'd expect some volume on the stock. But, it's not happening. Not even the mention by the officials from BC at the Minerals Round Up was enough to move the needle.
The words of Teck's CEO and a string of announcements like http://www.foxbusiness.com/antofagasta-flat-copper-output-cash-costs-rising have not rallied the interest of investors in what will surely become a major source of copper in Canada. Trading at a mere 82 cents today with a lackluster volume currently of 38,000 shares gives the impression that no one knows this 10 billion pound behemoth exists.
It's expected that news of the clock starting will be met with the same enthusiasm as CCY who is struggling to maintain 6 cents. While these projects are miles apart in size and the concentrates that will come out of them surely triggering an option clock should garner attention? Alas, no.
Teck has a history of taking about 30 days to make its move. No one I know thinks there's any rush to buy in. So it begs the question, does the market really think there's no future value here? Does the market think this won't even rate a $1? That would be a 20% gain and no one wants it? Wow.
Perhaps the price is sustained by the insiders and long and the market thinks this is worth less? I've provided a lot of information to suggest otherwise. Antofagasta visited the mountain a few years back and were not discouraged by what they saw. They are one of the best companies out there and are to be included in the ranks of Newmont.
If Teck doesn't back in I suspect 3 majors will step out of the shadows and this will make things really interesting. If Teck does back in I still think a major will approach just because of all the drilling money that will be in hand.
It is perhaps the idea that until the BFS items are addressed and the Teck option is known that the sp will not perform and no suitors will come. This thinking is flawed. There probably won't be time to react.