Frosty
See the following which gives the details from last quarterly
http://www.asx.com.au/asxpdf/20140429/pdf/42p7l3mq22m5bg.pdf
Loss from Pacific island operations was $21m, see table on page 10 (my memory was faulty when I said $29m).
I estimate they made a loss of around $9.4m at Gold Ridge. Cash cost was $2002/ounce while average realised price of gold sold was $1402, means that they made a $600 loss per ounce. They produced 15,690 ounces so (very roughly if we assume they sold all those ounces) the loss would be $9.414m. SBM also undertook some exploration at SI and they may be some capital expenditure (see page 10 for total of these for last quarter) of say $1m exploration and $1m capital, so the total outlay above receipts from sales would amount to $11.4m.
Hence $11.4m minus whatever it costs them to keep the Oz staff that worked at SI is what they can save this quarter.
It is also possible that the planned admin costs at HQ will soon come into effect and that will also provide some savings (I can not recall what this amounts to).
SBM's production is mostly hedged to end September when we all know "the POG is going to da moon" (we hope). Just kidding.
On that basis perhaps they can limp along to the end of the end of the year without raising more capital when Simberi hopefully becomes cost neutral. But with this mob nothing is a given,
My 10 cent buy call is just guesswork. If the POG were AUD 1800 and above then SBM is a cash cow given they would be producing over 300k ounces per annum. That is what keeps me interested in this monster.
loki
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