ALL companies have unforeseen risks, nothing can be guaranteed. Very large companies with popular products can hit hard times and go bust. If ALL risk could be completely discounted it would be pointless to invest in equities since the yield would be less than gilts (bonds).
However, companies that have found commercial reserves of minerials and petroleum are usually highly prized in times of high demand even in politically unstable areas of the world. i.e Burren Oil has done well in 2005 and its prize asset is in the Congo.
In my opinion, the MNA share price is low because until the decision to proceed with a mine is taken and the financing is known, the company will not be on the radar of investors. The exploration, assesment, financing and development of a mine is a long term process and patience is required. The patience of some investors has been stretched by MNA misforecasting the timescale. This is frustrating, but nothing else.
It is far more important to make correct decisions now when planning the mine then it is to rush in with inadequate solutions. A few months delay now should pay high dividends in the future.
Remember, MNA has found one of the largest deposits of copper in the world. The project to develop and operate the mine will be huge.
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