Thanks Hotfire, The first line of the AFR report was "Platinum Australia has turned to shareholders for the second equity raising in 10 weeks after strikes at its Smokey Hills mine depleted its cash balance." So I was on the money looking at their last qtr report balance sheet. Cash burn, in a mine where most of the development costs are over and it is just basic operational mining....is a few million $ per quarter, and even lost days don't account for the gap between current income and profitability. Another raising will plug the gap for the time being, but management must treat holders better than mushrooms and explain why the mine is still losing money (regardless of strikes or not) and how they are going to turn that around other than just saying they have a new manager of operations. As I mentioned before, if they can't run this one at a profit (possibly ever) what is the point in pursuing other South African platinum ventures as they will all have the same issues? The resources they work up are effectively useless if they can't be mined at a profit.
PLA Price at posting:
17.0¢ Sentiment: Sell Disclosure: Held
