I think WGX management has been quite good actually. Sure, they appeared to have headed down since it listed after the Metals X demerger. However, what became evident was the capital development phase where they invested some $300m into their Fortnum, Big Bell and Meekatharra mines. We have seen Fortnum gain momentum now and delivering lower cost gold ounces. Big Bell is now getting started. I expect that they will be doing better from here. Perhaps they may benefit from spending some cash on increasing the processing capacity of their 3 plants. Being around 1.5Mt p.a. mills, we do see insufficient economies of scale. Higher capacity should see costs lower.
WGX Price at posting:
$1.52 Sentiment: Buy Disclosure: Held
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