Production has resumed, that's a positive, but how do they explain cash costs rising to $1,400 per oz?!
Even worse quarterly production has been revised DOWN to 12,000-13,000oz
As previously announced, 4 days production were to be lost from a forecast 16,000oz for the June quarter. Therefore revised production should still be in the order of 15,300oz (or thereabouts)
How does 4 days lost production equate to a 20-25% DROP in production for the quarter?
And what exactly is the extra $12m to be borrowed through an increase in the loan facility to be used for? I strongly doubt it is earmarked for acquistions, rather it may be to cover their backsides from the rising cash costs
The $1,400/oz figure are cash costs, so TOTAL costs are likely to far exceed the revenue from gold sales per oz. So it is likely to be a loss making quarter for IGR
Serious questions need to be answered of management
Cheers
IGR Price at posting:
37.0¢ Sentiment: Sell Disclosure: Not Held
