Thats the spin Anders. The reality is that in the first two quarters they repaid $10m in debt. $3.7m of that was funded from cash on hand which reduced from $8.2m at Dec to $4.5m at June. So generated only $6.3m of cash over two quarters despite achieving average gold price of around $1600 including delivering into the hedge. Not saying its the end of the world but it does appears that at todays golds prices they would be burning a few million a quarter without the hedge. Not sure how much higher grades in Q4 will assist but its seems to me that Moy is really just an option on higher gold prices at the moment. Safer to stick to genuine low cost producers in my view.
MOY Price at posting:
35.2¢ Sentiment: Sell Disclosure: Not Held
