Ann: December 2016 Quarterly Report, page-54

Agree with your points @binwood & those of @loki01 & @worzel1

I like a lot of what SJ has done- mgmnt team, more drilling, & operational improvements but think it's taking much longer than expected to turn this ship (yes some due to legacy from prev mgmt).


SP very-dependent on POG without any other +ve BDR news now that this report is out of the way until the resource/reserve update.

As I said in another thread, I had emailed Paula at BDR on the stockpile discrepancy bought to our attention by @worzel1 & received no response apart from a 'read receipt' & no one to take my follow up call. Not reassuring.

As Loki point 8 states. Not moving enough dirt if one takes into account the strip ratio for the ore reserve - makes the strip ratio higher over time - so just deferring costs.

High grading, low recovery rates & disappointing CY2017 f/cast similar to 2016 (after all these drilling results?)
Whilst the 20% increase in Real/USD last year is true, BDR have had the benefit of a stronger USD until of late. It is part of the international mining environment that this management should be well aware & able to manage IMO.

It does look like there are more costs to come (mill & elect. grid, & IMO some unexpected costs)

Next 6mths are wet.

SJ's Operational improvements are yet to show up in $$ & my views on POG, currencies, single mine risk means I'm out for now.

GLTA to all BDR SH