Production in the December quarter is forecast between 3,500 and 4,000 tonnes.
Production in the December quarter was 3,529 tonnes. I would have liked more but it does fall within their guidance range. I suspect that the hydrocyclone installation was later than expected and thus provided little or no contribution to the December quarter result. (I note we got no comment on daily run rate, and the cyclone comment was past tense but not specific on timing).
The Company maintains price guidance on an FOB1 basis for the December quarter at approximately US$10,000/tonne.
Notwithstanding the use of "approximately", 9,007 USD/t is a miss. I guess we saw that coming in the numbers provided by Audax
The shipping difficulties have seen 534 tonnes go to inventory - presumably we can expect a big quarter as this inventory is cleared out and hydrocyclones start to contribute to output.
ORE Price at posting:
$4.48 Sentiment: Buy Disclosure: Held
