On Oct. 10, Tara Minerals Corp (OTC:TARM) announced it had acquired the legal right to mine a 150-hectare Mexican iron ore property. As a result, TARM stock went up 1.77% on a volume of 22 thousand. Yesterday, TARM gained 13.68% shifting 125 thousand shares on no news whatsoever.
So, after a week’s exile, TARM has cracked the $1.00 level again, and it seems unlikely to undergo any major changes in the forthcoming sessions. Obviously, TARM supporters will be waiting for follow-up news on the development of the Mexican iron ore property.
From now on, there are two possible scenarios. Either TARM will start exploring the site in order to meet the objective of extracting and selling at least 120 thousand tons of iron ore per annum, or this initiative will sink into oblivion, just like many others before.
As a regular SEC filer, TARM carries out an open-door policy with regard to its financial information. The latest available regular report is the 10-Q form covering the second calendar quarter of 2011. As of Jun. 30, TARM’s balance sheet contained:
- $439 thousand in cash;
- negative working capital in excess of $3.1 million;
- zero revenue and a quarterly net loss of $1.47 million.
