Red Lake is not looking good at all. Considering the purchase price, the fact that only around 20k ounce came from the mine last quarter, this is similar to what Mt Rawdon produces on previous quarters. It must be noted the Mt Rawdon has lower costs...
It is painful to see in the quarterly that they are trying to put a positive spin on red lake whilst costs have blow above $3000 per ounce. Unless they are getting into areas of the mine that are much higher grade (unlikely due to Newmont probably getting all the high grade out of it), costs will be high and ounce will be low for a while...
DYOR
Red Lake is not looking good at all. Considering the purchase...
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