Estimated operating costs put forward by the company in early 2012 were circa $85/tonne FOB.
Current ore price is circa $95 to $100/tonne.
How is there any economic value here, at all?
What scares me the most though, is that the $85/tonne estimate is now looking like an absolute furphy. Did Wayne Richards smell a rat and leave?
I`m surprised the market cap is where it's at, the whole thing stinks to high heaven.
And I don't say this as a downramper, I was duped too (I still unfortunately hold TRF).
Hang your heads in shame management.
DYOR
march 2011 quarterly report, page-12
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