<![CDATA[Selwyn update… it is bad]]>Russell Cranswick, Resource Capital’s nominee to the board of directors, has resigned (press release). In my opinion, it is highly likely that Resource Capital will liquidate its position. The Selwyn project is likely uneconomic due to the increased cost of mining (this has gone up a lot in the past several years… look at the cash costs of gold producers for example) and the fall in lead and zinc prices.
*Disclosure: Still long. I probably should have just cut my losses earlier and sold… it’s just that I have an aversion to selling near the yearly lows and selling into a depressed market. I will be trying to sell.
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