Ken Chernin, an equity research analyst with Jennings Capital discussed Woulfe Mining in a recent interview with The Metals Report.
As quoted in the interview:
I don’t cover Woulfe Mining Corp. (WOF:TSX.V), which has the Sangdong brownfield project in South Korea, but it looks interesting. Before it closed it was one of the larger mines in the world outside China. International Metalworking Cos. (IMC), a subsidiary of Berkshire Hathaway Inc. (BRK:NYSE.A), has a potential agreement in place with Woulfe. Pending the conclusion of due diligence, IMC will invest CA$35M into the Sangdong mine for a 25% interest. Then it will invest a further CA$19.5M in the APT plant for a 55% interest in the APT. Under the terms of the agreement, it will actually put about CA$35M in. This will cover Woulfe’s investment, and Woulfe will pay it back out of sales. Under the agreement, which is not definitive, a minimum of 90% of the concentrate produced is guaranteed under the agreement with IMC.