Here's my take on the various announcements.
Dragues1 was and remains a disaster. Federation can’t come soon enough. The money is in the ground2. We have the finance to get it out. In the meantime, the company is being run in a far more disciplined way than under Clifford. Wait.
Notes:
1.Dragues depreciation will have been a significant contributor to the net loss.
2.When I say the money is in the ground, using the NSR times the tonnages, across all mines the total is $2.46 billion.
Here's my take on the various announcements.Dragues1 was and...
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