Yes, that's true lucky. The problem is that the same arguments would have applied at the end of the 1st half of 2010. 2nd half should have had much more production of lead (it did), and much lower unit costs and better margins (it would have). Average lead price was about the same for the first 5 months of the 2nd half. And Zinc price was arguably up a little on the 1st half. Overall Aust dollar revenue was up in the 2nd half by about 25%.
And yet they managed to squeeze out a substantial loss. Even losing after the market to market 1m writedown is added back in.
I don't like surprises like that, and clearly neither does the market.
HMC Price at posting:
3.4¢ Sentiment: Hold Disclosure: Held
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