Is that the best you can do Oly? ...Damned by faint praise.
Mt Fitch 70% tonnage downgrade is more than I understood re-estimate would be. At the very low grades at Mt Fitch strip ratio will now skyrocket and I doubt it is or ever will be economic. Not worth the fight with the neighbours to even contemplate getting it started.
Sulphide Cu-Equ grade at 2% on their numbers, just slightly down on your calc of 3%. The recoveries they assume look on the high side for mine given multi element recoveries required from half a dozen sulphide minerals. They even give credits for Zn and Ag...lol. Try running an underground op on those grades in that water logged part of the world. Imagine the pumping to keep workings dry given they cant finish half the drill holes cause they pss water.
Grade is everything, you drop a third of the grade and there goes ALL the profits. Given a realistic and robust cutoff grade for a 20 year mine... what size reserve?? This deposit wont fly on picking out the higher grade bits here and there, it needs to be bulk or nada.
"few maintenance problems which beats me as to why u would report such things"... Oly your starting to sound like management now! Perhaps you have been employed as company PR man all along..lol
As Keynes once said "when the facts change I change my mind, what do you do sir?". Are the facts not changing in a major way. The next 6 months will see continued "maintenace problems" with low production, horrendous costs and cash bleeding badly.
Then again, maybe I am the one with biased vision?
goodluck
CMR Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
