I actually saw the larger than expected removal of overburden last quarter as a positive for PH because they are simply removing the trash faster than they expected as they dig down to the ore in the pit expansion.
The downside of being productive in overburden removal is that the ratio of ore to waste is lower for *THIS* quarter than they estimated previously driving up cost per ton of Cu produced - but the good news is that the paydirt ore from the pit expansion will be online at PH a bit sooner than previous guidance because the overburden removed last quarter to expand the pit doesn't have to be removed again!
TB's crew at PH is doing a sterling job of running a mining operation.
if WES gets to $35 on Monday I will snap up a chunk of OZL if it is still below $7.25
OZL Price at posting:
$7.18 Sentiment: Buy Disclosure: Held
