It’s totally meaningless!The reason the RND result is poor is...

It’s totally meaningless!

The reason the RND result is poor is because they didn’t sell any gold, but incurred all the costs. But their inventory of gold went up so it may be good.

The reason TBR’s result looks so good is because they sold far more gold than they produced. The extra profit comes from production related to past years.......So what does that mean?..........Who knows..... that’s the point!........... there’s not enough information to understand!

How much gold from past years was sold in order to fund this perceived good performance?

We know that there were problems at Raleigh, we know there are issues around processing, and we know that the cost of mining has gone up. What we don’t have is any means to quantify what impact these issues are having on profitability.

RND and TBR report on the exact same business but with totally different results. The results could very easily have been reversed with TBR showing the poor profitability - and the operational performance remaining exactly the same

The accounts are meaningless and in my view an embarrassment to the accounting and audit profession.

I estimate TBR have less than 60kozs of gold........

........as for the rest......it’s in da past Rafiki, let it go.

......although I would say the amount spent on audit fees and related advice each year is nothing short of embarrassing for a company of this size, even more so when the main function is managed and controlled by a third party.........and check out those Ghana tax costs - yet again they are at a level that make little sense........Is the tax office in Ghana yet another Billis related business(Joke)?.....I wonder who owns the building?