as soon as I saw this last minute confession I thought if this,
the money spent and all the problems of this great expansion plan are amazing
Vassie downgraded twice during this massive capital development I think before he went on a buying spree, lend his name to Tawana (which subsequently went broke) and did a botched cap raising ,and here it is , yet another one.
Extraordinary,
expecting DIVidend to be cancelled now given what must be a really poor cash flow from operations coming this QTR and the amount of capital required for Simberi. Something that had already plummeted, and now this downgrade and increased cost guidance
I do not have any confidence at present thinking management actually have the ability to execute,,,last minute cost blowouts and productions downgrade, then production being hamstrung for a couple of years,new CEO will sort it out , and now more downgrades
I think it may work its way down to test the covid low now,
regardless of the POG action its not making much money and operations clearly still needs alot more money,(capital for simberi and seemingly salaries to attract personnel) and costs are way too high......shrinking margins
will be lucky to make much this QTR money at all this QTR with guidance and costs costs now imo and big hedge delivery due negates the opportunity to capitalize of rising AUD gold price.......
Some write downs which they will present as NON cash no doubt, probably on the horizon....
good luck,,,,total sheeeeeeet show, much more than I expected.....
problem with negative grade reconciliation, last time i heard this in a statement by a comp nay there were serious problems...
(20min delay)