Unfortunately the plant problems appear to have dragged on longer than expected. In the March Quarterly, management forecast June production of 22,500 ozs. This would have resulted in a total FY12 production of 88,100 ozs. However, revised forecasts are now 16,000 ozs for the June Qrtr and 82,000 ozs FY12 respectively.
The accounting fuzzylogic of the ore stockpile to be feed blended resulting in materially higher cash costs has got me a bit stumped. Cash costs increasing to $850 per ounce is a material difference but still good margins none the less.
No $$$ budgeted for UG profuction in FY13 and proposed topping up of finance facility leave a few question marks going forward IMO.
Ann: Production Update , page-3
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