Ann: Trading Halt, page-14

There is obviously a degree of urgency driving this announcement.

It was pretty obvious that cash was going to be tight during the ramp up with the copper price $1k lower than the ES forecast.

I hope Lachlan hasn't blotted his copy book with the " on time and inline with costs statement " . He will loose a lot of creditability if he has.

With the mine developed and the processing plant producing copper a large part of the risk profile is gone in any banking assessment.


Could it be Deja VU.

A little later than this time last year after the auditor had released a going concern statement the search for debt funding stopped and a Trading halt and CR announcement closely followed. Public company directors don't sit well with going concern problems and exposure to insolvent trading prosecution.

Even though HGO is a much more bankable proposition than it was a year ago I guess raising capital takes two days and debt takes months to set in place.

Let's hope the quantum is more than sufficient to get us through but not extremely more than is necessary.

A solid balance sheet is a very valuable comfort cushion.