I think the penny has just dropped. I now know why this has been so reluctant to rally properly
all the research and valuations... veritas, pattos and alto etc were based on an average $45/t+ sales price. but (from Alto) here's why
but look at the last few qtrly
revenue is averaging
Sep qtr $29/t
Dec qtr $17.7/t
Mar qtr $24/t
and the sinter/lump ratio is not 40/60, it's
Sep qtr 68/32
Dec qtr 70/30
Mar qtr 64/36
SFZ is making just enough margin to pay salaries and keep the lights on. well not even, their "strong cashflow... maintained" resulted in $500,000 less in the bank.
the new concentrator is about recovering otherwise unsellable fines right? not lump.
wow! have we been sold a massive pup?
or do I not understand something about the ore body/mine plan, is SFZ somehow going to reverse the sinter/lump ratio to a 40/60 average as the mine progresses?
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