Ann: Kipoi Production Update , page-9

Tilly
The real problem is in the bottom line.
If we get $5 mill per month we will never fund a solvent plant.
The strategy of HMS was correct to save further dilution

By memory we are about 6 months behind on a six month ( after financing)project.
We have had more spin than Warnie could produce about ramping up, bedding down ,efficiency demonstrating we are on track, driving foward etc and during most of this time we have been reminded how we are "on time on budget"

The contract miners are so far ahead of us ( being genuinely on time on budget) that we now have to rearrange them whilst we try catch up the back log.

The other problem is the returns we are getting on our sale s in the DRC where very "competitive rates are being achieved for conc"
We sold 1630 Cu in conc for about 5 mill or 3100 per ton.The Cu price for Sept was about 8200 so we are gettting less than 40 % of final value and our "competitive"friends in the DRC a bit over 60%

Fortunately the teething troubles bessetting us will dissappear and the copper will not ,so this should be rectified