thanks loki
ive read the quarterly. I just have trouble distinguishing what is 100% vs 80% RSGs as they tend to talk about the operation on 100% basis. You dont even see the 20% Mali % referred to in most PPTs.
when it came to cash they talk about bullion and cash on hand - but when i backed out some numbers 2 quarters ago - it seemed to me they were using 100% numbers not their equity share.
Given what Ive now heard about the clawback for previous capex its more understandable - and as i said - the overall key takeout of all these discussions is we should treat Syama cost as 100% RSg's to carry - but against which they effectively get to allocate 100% of recurrent FCF.
- Re gold in circuit- no its isnt because Im assuming ongoing cashflow in trying to judge the cash call. if i count gold in circuit + future qtrly cashflow im double counting
remember - we arent concerned with total FCF here - just trying to assess if there's a cash pinch to meet Syama u/g development costs. So its purely about 'point in time'. Gold in circuit is effectively in the Sep $32-35m qtrly equity cashflow i was already assuming was incoming - and so on for Dec qtr
Having said all that - knowing that Bibiani still appears to need higher gold price + more optimisation, and that the DFS wasnt produced due to internal drivers + that Ravenswood as got an eextra 10 months - Im tending to agree that cash call/capital raise this year is less likely than I had thought
Unless Syama u/g development cost is much more than i anticipate
The Syama AISC was never relevant to what was under discussion.
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