Not disputing something like above is involved and the disclosure from mgmt has been absolute shite. Be the last to support them. But also note the auditors qualified their opinion months ago re the uncertainty of Copperco as a going concern.
In a previous life I've been an auditor, accountant and worked in the gold mining industry. The company would have tried hard to persuade the auditors to drop that qualification - and failed. The uncertainty was present back then.
The auditors would have projected out cashflow, allowing for the tens of millions on the disastrously timed upgrade, new Minsec costs, the requirement to both roll the $45m and possibly raise more debt, prestrip costs of the new deposit and the likely grades. The surprise (to me) drop in grade lately from 1% to .7% would have pushed the mining costs up substantially and processing costs up a bit.
As noted in prev post, an extra $15m of borrowings was guessable from the last 1/4ly - to get them thought December. Thought they would get it.
Could be more to it but may not have needed anything more devious to tip them over. Just something to bear in mind. Those moneymen will look after themselves, first and foremost.
CUO
copperco limited
