Ann: Quarterly Activities Report, page-6

My take aways
1. They actually have only $145 million in actual cash
others is inventories (value questionable given recent price drops). Where did the money from selling all those extra sha es go? Also where are they going to get $320million in actual cash to pay down debt in 9 months ?
2. How do you get record mining activity but significant drop in profit from the mining? The actual prices might say also have dropped significantly? Strange as cost for buying for the smelters went up.
3. The ramp up of last four lines went from previous reports of October to now ‘some time in 4th quarter’. How vague is that! Sounds like late December.
4. still no announcement of changing more lines to more profitable matte. The only logical explanation is Tsing board members are blocking it. Why would a company not change to highly more profitable production.