Just on the number of working days, Dec qtr has 2 extra days over Mar qtr (i.e. using trading days as working days as well) and Mar qtr probably has more hot days. Including the lower yield ore, less output is reasonable as per your expectation. My more optimistic considerations are:
1) Because Dec qtr was very productive, I take the view that there may be some residue good quality ore leftover from it and spill over into the Mar qtr production. 2) GMD management would have taken into consideration of the expected lower yield ore in Mar qtr and therefore would have taken some steps to moderate the fluctuation of gold production figure i.e. perhaps one can say manage the expectation of investors.
Cheers.
GMD Price at posting:
$3.72 Sentiment: Buy Disclosure: Held
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