gindalbie metals - a rational analysis , page-52

Roberto36,

- Please see my previous post about AusGroup payment issue.

- Production: hard to say what exactly happened as GBG disclosed few information about. However, as far I can read from the announcements, during March Qaurter 2013, there has been a 50% increase in hematite production.. (this looks fine) ...but also a 50% decrease in magnetite production. Reasons: "to maintain commissioning stocks at targeted levels for the production profile" plus they add "pre-stripping and waste removal". I tend to trust this version...so, there was indeed NO MATERIAL ISSUES... my opinion is that they badly considered production delays caused by these "tests" and they were far too optimist about the duration of the pre-stripping and waste removal operations.

Please read my first post about GBG management failures.


- Production forecast:

March 2013 Quarter Production: 25 ships (20 hematite + 5 magnetite).

June 2013 Quarter Production forecast: I started counting the ships at the harbour from end of April - what I have here is, therefore, 1 ship Magnetite - new port record - 68.000 (according to Gibbo) + 1 loaded (product: unknown) + 9 (waiting for loading or scheduled) till 17/05.

(My opinion) It looks like...there will be a rise in the production and, I guess, also of the %Fe...