mc hammer time, page-14

EL

I agree wrt to your comment on greenfield exploration & patience. My only point here is that IGO are talked up by some in the market as the exploration kings. Their record does not back this up.

Interesting point you make re their operation at Long-Victor. From what I have heard, it was regarded as the most dangerous mine in Kambalda owing to seismic activity at depth. Therefore mining rates had to be managed very carefully. They have obviously down well in this regard. However, I have heard that they have two 10.5 shifts a day rather than the industry norm of 2 x 12hrs. If correct they are losing 12.5% productive time per day.

I have heard interesting things about Kambalda nickel mines in general. Despite the fact that the companies owning them have had major market cap growth, some to $1b, and see themselves as mid tier mining houses, feedback I've heard is that they are run like small, private operations with limited resources and lack of forward planning. The bottom line is that they are not as efficient or productive as you may believe.