Another announcement with the same old glossed up garbage. Enhanced cash position they say. Well if they are going to get themselves heavily in debt then one would expect to have more cash. At least Didipio costs are down to $18 million $US a year and anybody who thinks that getting diesel through to the mine is a victory then good luck with that. Didipio should be moth balled as there is zero clarity as to any government agreement about the restart. The disastrous so called hedging policy will keep the NZ mines from being very profitable this year although lower fuel prices will help. Well funded for the short term they say. No mention about the long term apart from "planning"!!! "FOCUSED MANAGEMENT TEAM"."We know what we need to do & are doing it". So far they have made an ass of themselves in a big way and if this is what they are talking about then they are doing it well.
OGC Price at posting:
$1.80 Sentiment: None Disclosure: Held
