Although I think that our CEO has made a pair of poor decisions in the last quarter in buying Round Oak and then not protecting that investment with substantial hedging, I will be interested to see his performance this quarter in financing our way through this period of low copper prices as the $50mil in cash at 1st July could quickly disappear in both operating losses and in capital development. A prime example of this is that the bulk of the June quarter's copper sales have to be re-priced to today's prices when calculating final invoicing for these sales(QP's) and the subsequent amount that probably exceeds $12mil will have to be refunded to the buyer within 60 days.
IMO the CEO does have a self-inflicted headache and he needs to act fairly quickly to cure it for all our sakes.
I failed to update the correct quantity produced in the AISC cals(copper per lb, silver per oz) presented earlier today for the June quarter - the updated figures in the attached schedule should now be correct.
Although I think that our CEO has made a pair of poor decisions...
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