Todays anouncement confirms:1. Effectively zero free cash flow...

Todays anouncement confirms:

1. Effectively zero free cash flow for at least a year.
2. Borrowing cost is 14% to 16% - so its just another type of death spiral funding.
3. Gemcorp get the lions share of free cash flow for the second and third year of operations.
4. No more dilution - until next time.
Shareholders have to wait in line with their begging bowls.

Conclusion:

This announcement ain't any reason to get excited.
Nothing coming to shareholders for at least three years.
The world could change a lot in that time - and so could Africa and Tanzania.
Use any share price pump as an opportunity to flee from the this highly leveraged stock.
Set reminder to re-visit in 3 years - if you really have to.......

Get Mike to send lots more photos of blue things........