Not sure where you get a huge inventory build-up. They marginally exceeded mined ore in Q42023 (see Page 2 graph). They did crush more ore in comparison. The inventory at the end of the quarter was 13kt... not enough for 25kt shipment. The 49kt in drying pads was not saleable at the end of the quarter. Since quarter end they shipped 8kt from the 13kt in inventory. If they were to meet production / sales target for the quarter (55kt), their combined drying and dried inventory would have been 37kt (49+13-25). I would not call it a build up by any measure.
Regarding sales, they appear to be selling everything that is being produced. End of quarter inventory 13kt. 8kt shipped in July. Then 25kt in August, which needed to complete drying and make its way to the port.
CXM Price at posting:
3.7¢ Sentiment: None Disclosure: Held
