Trade debtors decreased from $11m to $5.7m, a net decrease of...

Trade debtors decreased from $11m to $5.7m, a net decrease of $5.3m.

Cash position decreased from $11.4m to $7m, a fall of $4.4m.

That is a total loss of $9.7m. I am missing change in creditors, but I guess that would not have changed much.

The cashflow report shows a deficit of only $4.6m, compared to the cashflow+debtors deficit of $9.7m. This is strongly negative when cash at hand is only $7m.

WE can't go from cash at hand excess of $22 million March Q to 11 million (approx) June Q so 11 million has vanished into thin air?

I am seeing $7m cash at hand in Q4 and $11.4m in Q3. I can't see the $22m and $11m.

I think the problem is not the convertible noted, the problem is that production was rubbish. Cash receipts were $16.8m INCLUDING a change in debtors of $5.3m. That means we got $11.5m from sales. This figure is confirmed in the covering Summary, $11.6m revenue in JuneQ, $15.1m in MarchQ.

$11.5m from sales, Administration+Development+Production costs of $20.4m. Production needs to roughly double to be cash flow positive, I guess.

Production decreased from 888 dbt to 719 dmt, actually we need 1400 dmt (again guessing). Their revised full year forecast is 2604 dmt for the second half, 1302 dmt per quarter. If nickel prices hold strong $1302 could be break even or slightly profitable. So the main thing is that they successfully achieve the forecast.

The likely fall on Monday will not be due to the convertible notes. It will be due to the under-performance of production. The priority should be working towards management who can do the mining successfully, and soon! (Cash will run out within a quarter at this rate...)

Although I believe running the mine successfully is in Jinchuan's best interests, I am wondering whether the current management are capable.