Ann: June 2015 Quarterly Report, page-32

"good assets, downgraded guidance"
They are talking improving AISC from $1042 to $820 an oz for next half year so an imprivement of $220



This last quarter their negative cashflow was of 35M
In that was what look to be one offs/discretionary spending :
dividend payment 8M
spares increase 6M
loan interest/ payment 10M
non sustaining capex 3M
total 27M

Take out those costs (for simplicity the interest component is 0 (which is incorrect but I do not know the interest rate) then they could have had negative cash flow of only (35-27) = 8M


They are talking an improvement of $220 AISC * 85K oz second half = supposedly an improvement of $18.7M 0r 9.35M for the next quarter (with mining duckhead)

So in theory if they mined duckhead and interest costs were 0 they just break even for the next 2 quarters (9.35M - 8M = $1.35 M

Hardly compelling picture for me so understand why they are looking to downgrade the assets.

Interesting to see corporate costs in Brazil of $3M for the quarter that seems high are those restructure costs?

Just my 1 cent and welcome to be corrected
I really see no major reason for holding this as a turn around story with current management in place.