what the....just a note on close,,suppose they didn't want that out today so people could take a look closley
OK headline production number higher than last QTr,who cares,,its abut whre it comes from,they still maintain production guidance for year........
That's fine,,BUT
Main production increase came from Telfer,,,a High cost mine,,,1296 last QTr from mining stockpiles,,,2013 AISC over 1700,,,,,,,,,,,,,bizzare move,,,obviously they need cash, increase from Telfer with average gold price over the QTr hardly going to cover a few days interest on its debts
The jewels in the crown,,,,IE the low cost mines Cadia lower, what happened to the ramp up??????????????
Lihir,,,lower again this QTr than last and lower than the one before,,,again what happened to the ramp up????? from all the extra money invested???? WT? ,,I thought after all the money spent, time after time that they we ramping up,,,thought CEo said it would eventually get to 1M PA,,,miles off and trend shows continual fall
Other increases in the majority high costs mines with little or negative margin.......
No wonder they keep borrowing money..
will be interesting to see what stockpiles were mined to reduce cash costs......
strange production push into the unprofitable/marginal ones and poor performance from the two jewels imo,,,and Lihir,,,,just getting worse ,,,what a dog.......
why ramp up high unprofitable mines,,,rather have lower headline number and better margin and cashflow from low costs mines that smashing cashflow via ramp up of the high costs ones,,,
strange production plan,,I suppose if they increased production to 3M oz Pa and all the money came from Telfer it would be good,,lol
hence the need for even more Headroom via increased borrowings....which of course they said they planned not to do ,,but have now added 650M to the pile....
glad I don't own it
NCM Price at posting:
$8.53 Sentiment: None Disclosure: Held
