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Ann: Extension of Voluntary Suspension, page-130

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Shafted75

257 Posts.

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22/11/19

15:37

Post #: 41582232
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Originally posted by Justis: ↑

Such is mining that no matter how good an operator you are, matter beyond your control can have big implication.

While try could have done some things better most of the issues it has faced have been beyond their control.

It seems management should have been more diligent when acquiring Azimuth, turns out the grades where not quite what try was lead to believe. IMO it was a good acquisition but try paid too much for it.

Problems for try stated with Casposo in Argentina, at the time that mine was paid for and quite a cash cow, it was going to fund the development of Karouni. But try got hit with a triple whammy, the gold price dived, the Argentina inflation rate went through the roof, issues with exchange rate and getting money out of Argentina turned Casposo into an unprofitable venture. All of that was beyond management control

So try where put in a position that it needed debt to fund the development of Casposo and while they did go over budget they managed to get it done in a year and cap-ex was far lower than typical mine development, try has done that at all their mines thanks to Ken

It was a promising start to production but then there was a problem with the mill, not sure who to blame for that. That having been fixed we find the grades are not what is expected, and then we have problems with slippages in the walls of smarts 3. Experts are brought it to asses and advise on remedies but still try has problems there.

In the mean time try has a bank debt to repay and while try has had to do some CR and put off exploration to do so they finally pay off the debt, have a good run without issue, acquisition of OC with promising drill result and thing where positive.

Then we have the unfortunate accident where a worker died and subsequent reaction from government that has throw a spanner in the works.

That try still employ 136 or so people, continuing with exploration and doing maintenance suggest that there is every intention to get over this hurdle and get the mine back into making a profit.

I will continue to hold and suggest that any one who has concerns do themselves a favour and sell if it troubles them

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Why haven't they released what they plan to do?

TRY Price at posting: 11.0¢ Sentiment: Buy Disclosure: Held
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