It's not great, but not as bad as that. There is a 3.2 million once off expense relating to the purchase of salaro. Salaro also missed out on 2 weeks of income in January but had to pay costs for whole of January, So the Spanish operations are close to break even. Maybe even positive now. MC disappointed in, but costs to dewater will hopefully be a rare event, for both the mine and the area . Don't underestimate the energy costs to dewater, especially if diesel fuel was used. Receipts for MC will probably show up next quarter to reflect increased output, Spain accounting appears somewhat more reactive and closer to the actual time of production
Overall not great, neither was 6gm, so hopefully a rising price will float all boats.
EQR Price at posting:
5.3¢ Sentiment: None Disclosure: Held
