Tampas Odyssey Marine stock drops 59 percent...

[G.I.B.]

Tampa's Odyssey Marine stock drops 59 percent...

Tampa Bay Times link



4/11/2016 article in the Tampa Bay Times states in part:

Tampa treasure hunter Odyssey Marine Exploration's stock plummeted nearly 60 percent Monday after it disclosed the Mexican government denied the company's application to mine a large deposit of phosphate — a key component of fertilizer — in Mexican waters.

The mining operation, dubbed the "Don Diego" project, has been promoted for some time by Odyssey as a significant piece of its future revenues and efforts to broaden its business beyond finding and salvaging the cargo of sunken ships.
Odyssey shares fell 58.8 percent, closing at $3.45 on the Nasdaq, a loss in net worth for the company of more than $25 million.

 

[ropesfish]

Sea turtles? Really?
I have no financial interest in this, but it sure seems like the 'national' governments of the world have one thing in common- a general dislike for capitalists of any nationality who want to make a profit from the 'undersea resources' of the planet and a specific dislike for Odyssey Marine.
I think Odyssey's public relations problems are self-inflicted to some degree, but the wider problem of government intransigence to any sort of ocean salvage or mining projects is ongoing and increasing.
It would be so very beneficial to the treasure salvage business if Odyssey, as the most high profile company in the industry, got some good press, good results and good returns for it's investors without the accompanying drama.

 

[SADS 669]

Tampa's Odyssey Marine stock drops 59 percent...

One way would be to share some of the shallow wrecks they know with us and get us working for them......on a share basis.....

 

[ropesfish]

One way would be to share some of the shallow wrecks they know with us and get us working for them......on a share basis.....

From your lips to their ears...
By salvaging 1% of the treasure off of the wrecks off Belize and Honduras per year they could add 10's of millions to the government treasury. Cuba has been salvaging wrecks for decades, we are told.

 

[Mackaydon]

Last December, Monaco Financial paid $21M to buy into the company and bail Odyssey out of an impending default on a bank loan. Their investment included the phosphate deal. Wonder what they think of their investment today? Hopefully, Odyssey can overcome the 'turtle' objections and get approved.
Day before bank loan due, Odyssey Marine sells part of business for $21 million | Tampa Bay Times
Don....