at copper 2.20$ TGS is safe ... they are able debottleneck the project to 32500 tonnes p.a. ... they could do this from cashlow ... from 2017 they are able pay down debt...
at copper 2.50 TGS will be in the position pay down debt and add money to the cash position ...
the last quarerly gave us a mixed picture because already 5 million$ spent on capex ... administration costs will fall furter , processing costs will fall further (grid power up to 67% in march..same for April ... Jan/Febr only 40%) , they had problems with the crusher (fixed now) , they payed down debt at DRC-banks (from 30 million$ to 25 million$) , interest payments will fall significantly in 2016 because lower interest rates on borrowings.....
-operating cashflow at copper 2.20$ after debottlenecking ... appr. 40 million USD ...enough to pay interest and debt
-operating profit at copper 2.50$ after debottlenecking ... appr. 60 million USD ... very comfortable situation
..i would say the glass is half full not half empty ... its all about copper!!!!!
Time Matters!, page-5
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