Ann: Investor Presentation, page-209

the fact DR said structural issues with the asx, not in a JV sense, peaked my interest because I believe Haoma have had asx issues (delisted?) in the past.

I think if they can get 18-20k oz p.qtr from .9 gpt, they will have a reasonable operating margin and surplus cash after debt repayments, but it’s a bit on the margin (not profitablilty but cashflow). If a few things move 10% the wrong way at the same time, we will be low margin ie tight.