Which ever way you slice it and dice it they are pretty low on cash.
Yep, they've had a couple of shockers alright. That's the bad news.
The goodish news is they've implemented some process & plant upgrades combined with anticipated processing of higher grade material. Will this turn it around? We wait and see.
Also if you look at ore mined to date verses the ore processed to date there doesn't seem to be any ROM ore available at end of July
The update this week stated:
"4.Ore stockpiles on the ROM pad of approximately 75,000 tonnes at the end of July will allow processing at the current rate for approximately one and a half months. This comprises a mixture of higher grade Base of Tertiary material and lower grade saprolite (weathered bedrock) ore, which is normally blended in order to optimise throughput.
5.Ore mining was limited to 12,000 tonnes of ore in July (after no ore mining in June), which limited the opportunity to add higher grade material on the ROM pad. A mining campaign targeting higher grade ore has commenced in August.
6.Limited overburden mining was necessary in July because a large part of the saprolite gold resource is now exposed in the open pit floor."
I italicised the bits that I think are relevant regarding the availability of ore.
I don't believe there is an issue in making ore available to the plant. The real issue is the grade being processed & it seems to be that nuggety ore problem again.
Also, bear in mind, they're working towards bringing Nth Portia on line. Mining lease granted, Portia infrastructure in place. And certainly the copper price will be helping in making that project quite attractive.
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