stlamc
You make a lot of good points. I also think they will produce in 4000-6000 ounce in the current quarter, so long as they can get access to the pit during half the days of December. I doubt they will work everyday because heavy rains may make that impossible even if the pit is reasonably dry, and there are public holidays I suppose.
They really needed to have stockpiled 300k tonnes of ore near the mill for processing in the wet season. I doubt there is much there, other than what piles up every few days to allow for processing.
Just to clarify one thing you said above
"(since the Sprott facility was used up by Oct"
I think you did not mean to put it that way. Actually what happened was that they accessed the Sprott facility and therefore had $13m in cash and gold at end October, including the $8m from Sprott.
Their operational costs are very low, only around $6m per quarter (including admin, at a low level of production) but that would not cover capital expenditure.
Here is an interesting link to a chart showing the average annual rainfall for the region over the year. It is very positive that they are still able to keep the pit dry now that average rainfall is around 50 cms/day. The average raises to around 65 cms/day in late December. I suppose on some really bad days it must get to over 100cms. It gets back down to an average of 50 cms/day end of January and from mid February it falls below 40 cms/day.
So what we are looking at is about 2 or possibly 3 months of difficulty during which they need extra funds to tide them over that hump and hopefully fix all outstanding operational issues.
http://www.surigao.climatemps.com/#metric
I am a long way from being happy with this mob, to put it mildly.
GLAH
loki
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