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Ann: MACQUARIE MINING FORUM INVESTOR PRESENTATION, page-20

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Cyberguy

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29/06/19

14:28

Post #: 39301285
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Originally posted by Vector ↑

Who could have imagined this perfect storm could have happened- perhaps best reacquaint yourself with our previous discussions: https://hotcopper.com.au/posts/37257397/single

Instead I was called out (incorrectly) on letting people know what the Zinc TCs by some here and how it would impact profitability.
https://hotcopper.com.au/posts/37360118/single

NCZ is extremely exposed to the Zn price and the Zn TC more so than other producers so while it does affect the industry as a whole it has a relatively larger impact on NCZ.
Other large producers like McArthur River, Dugald River, Antamina etc have by-products to cushion the impact of the high zinc TC. NCZ don’t currently have a lead by-product and they sold most of whatever small silver by-product credit as part of their Bergen deal.

If the management had been upfront about the impact of TCs 3-6months ago they probably would have got more credit. Instead very bullish analyst reports were trotted out in the interim.

Mark my words - if the TCs for Zinc concentrates start going down so will the Zinc price because there is a greater availability of zinc metal.

Expand

So Vector, under what scenario would the TC's go down but not the zinc price?
Presumably this combination of low TC's and good (ie not low) zinc prices has happened in the past.

NCZ Price at posting: 48.5¢ Sentiment: Buy Disclosure: Held
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Ann: MACQUARIE MINING FORUM INVESTOR PRESENTATION, page-20

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