Cheers for the great reply Wassa and I must admit I was unaware that PNR was using two separate contractors. Though that perhaps goes some way to explaining the situation they have gotten themselves into. Without doubt they have had many issues, not just relating to staffing and as you point out, not having the right kit for the job in mining... is... well bloody costly for all stakeholders.
I take you point about Green lantern, but... I think its pretty clear they first mistake was turning on the plant... second was keeping it on and 3rd was... mining the lower grades first, though... less stripping, it also mean, less revenue. Cheers for sharing your calcs too. What a shame that PNR are not able to articulate to the market that... they basically moved 1/2 as much dirt as RED did! Yet their plant is running at 5x the throughput. My recent entry was indeed based on PNR having spent the lions shares of the non-sustaining capex on Scotia and the U/G, and... the prediction that other companies would see now as a much lower risk time to potentially move on PNR.
Great to hear about the U/G development rates. All the more reason this sort of asset works better inside a larger multi mine operation to spread costs out, enhance purchasing power of consumables etc.
Your estimates for Nov seem reasonable, though as you point out, there is still some risk of a small raising, but... I personally have already accepted that may occur, and still PNR is dirt cheap even with the extra dilution. I imagine there are sooooo many holders that are in the red for PNR, that it will take some mammoth volumes to clear out stale holders. I also imagine many would accept any sort of offer....
Congrats on the cruise!
PNR Price at posting:
4.2¢ Sentiment: Hold Disclosure: Held
(20min delay)
