To start with we had a 5 minute movie of Dikilushi in action followed by a slide show of the September quarter figures.
Some points of interest: From the September qtr annualised production was 15,700 tonnes Cu and 1.7 tonnes Ag, which is significantly above forecast. The expectation is stage 2 will also be above forecast production levels.
Stage 2 is approx 20% completed, additional funding will be signed off this Thursday ($5 mill US) which will be drawn down to complete stage 2.
Stage 2 will be completed by May 04, and will result in a 35% reduction in transport and smelting costs and an increase of 50% Cu and 70% Ag production.
There is 5 years left in the Dikilushi open pit before underground mining commences.
10% of AVL shares are held in Berlin.
They have purchased 2 ball mills as we all know. One will be for Dikilushi, the second will most likely be used for a resource yet to be discovered (not Kapulo as they still can't get access).
There are many exploration targets within 10km to the west and south (These won't be for the Ball Mill, just extra material for Dikilushi).
World Bank is coming to the party with political risk insurance, will know officially within the next few months.
Kapulo will have some geos on it probably in December, no real expectations to do drilling before mid 04.
Duc Bo is the same, drilling mid 04.
Kalemie (first time brought up in a meeting) still off limits, hoping to have a closer look next year.
There are thoughts of hedging 20-25% of production due to high metal prices.
Canadian listing wasn't brought up except in question time. There will be a statement released in the next month or two. It looks like the listing won't be a back door into an existing company but a listing into an established shell company (i.e. no dilution).
