PRU had me thinking that the solid performance of the Edikan mine in the March quarter would be sustained into the future - but this report has set me right - its back to being an underperformer. Perhaps in the second half of 2020FY things will improve a lot via the expected higher volume production.
Its fortunate for PRU that the 44 cent options were exercised or we would need another CR.
Not much being spent on exploration - conserving cash for the Yaouri mine build - I would not be surprised if its first gold pour gets put back into early 2021 given what a heavy wet season can do to production in that region.
Fortunately the gold price is doing well for goldies, but with 30% of near term production hedged at around USD1300 its not as big a help to PRU. However, I accept that some hedging is needed to mitigate risk given their circumstances. Its swings and roundabouts with hedging, which saved the company when the gold price retreated in 2013 and 2014.
loki (back to zzzzzzzzzzzzzzzz)
Ann: June 2019 Quarterly Activities Report, page-19
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$2.41 |
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