good news at frances creek, page-24

I thought Noble was marketing everything.

Territory is making an operating profit on the tonnes they are digging and shipping. That is different than making an actual profit. If they were making an actual profit they would not be negotiating with lenders nor would they have had to "work their way through" an $11M loss within the last quarter. Nor would they have had to ask for an advance payment of $6.9M to satisfy, no doubt, some kind of minimum capital level required to keep on the safe side of some loan document.

For instance, take a look at ABY, which is making an operating profit on its ore, but is absolutely stuffed long term because its problems are just being shifted around the chess board and aren't being addressed permanently.