After listening to the conference call I have a feeling Gwalia will deliver a positive surprise. I too was surprised that the first half of this year Gwalia would be "heavy in development", underescores they had neglected development work. By the end of FY21, Gwalia will be optimised. The mill can process 1.4mt, ore processed last year was ~700kt. He wouldn't commit to any numbers but the feeling I had was that once development work is complete, vent in place and get comfortable on sustained high utilisation of the paste plant then we could see more ore being put through the mill. The other positive from the call was Simberi, an extension of oxide ore enabling the sulphide project to be pushed out, although excited by the prospects of the sulphide project.
SBM Price at posting:
$3.41 Sentiment: Buy Disclosure: Held
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(20min delay)