Their RELENTLESS drive to cut costs and improve productivity has actually increased their AISC which is far too high and isn't coming down anytime soon. A poor result given they stated clearly over the last 2 yrs that it would reduce with higher grade ore, etc. Next years production forecast is the same as this year yet they waffle on about new mines, grades, etc. Next year at best expect the same result assuming gold doesn't take a dive. I wonder what they will sell next year to prop up the Account's? Average sale price of $1650 oz this year, so I'm not doing cartwheels hedging at 1700 as I don't know when it's deliverable. This company is not run for shareholders as they will never see a return with the current boards mindset. LD sells 3.5m shares which leaves 1 board member with any significant holding in the company. Doesn't show a great deal of confidence from the board when the majority have zero holdings.
Having millions in the bank doesn't matter if it's only there to ensure the high salaries can be maintained if the crap hits the fan.
They make $2m profit yet pay their CEO $1m+. Imagine the result if they hadn't sold $15m in assets?
I can't see the SP rise on these results.
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