TBR/RND have a policy where they like to hold onto the gold they produce, only selling what they need to cover outgoings. In past years they have been producing plenty of gold so each year significant cost has been added to inventories (representing the production cost of the gold they kept).
The sales value of Gold produced is no longer enough to cover the costs of the business - so additional gold held in inventory must be sold off to cover the shortfall. The $30M represents the cost of the gold that was sold to meet the outgoings of the business. This includes the dividend and tax.
What it really means is that the operation is now running at a significant loss.
TBR(excluding RND) production was 28kozs and I estimate sales were about 37kozs. Inventory of gold held therefore declined by approx 9kozs.
I calculate RND also had a decline in gold held at the Perth mint of about 4kozs.
TBR/RND have a policy where they like to hold onto the gold they...
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$3.33 |
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Mkt cap ! $174.7M | |||
| Open | High | Low | Value | Volume |
| $3.40 | $3.40 | $3.33 | $20.48K | 6.106K |
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| No. | Vol. | Price($) |
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| Price($) | Vol. | No. |
|---|---|---|
| $3.40 | 1493 | 1 |
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