As you can see the grade is very low. Although Mr Black can make a profit with that grade at Panasqueira.
If you look at the plant feed, the grade last year was .22 and it drops to .18 average this year. Then when you look at the mine plan the strip ratio just keeps rising for the next few years.
Which is my point to @plonka. If they can not make real cash now, which they are not. It only get harder and harder as the time goes on.
Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-87
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