No reassurance? It was worse than that. They are forecasting that they won't fix the problem this quarter. They are currently on track to produce 1.4mt of magnetite this half without a fix. Add to this the fact that they are focusing on the mining of fresh ore which will increase magnetite production without a fix and it is pretty obvious that the target of 2mt isn't because they expect the processing to be fixed but because they plan to mine the better ore this quarter.... they already reached the target of 1.6mt mag production in June quarter when they made 0.8mt of magnetite.
Last line under the commissioning section is a pearler. "An engineering solution is being designed and..." They haven't even finished designing a solution yet. Is it legal for them to point out they haven't finished designs for a solution and not point out they won't reach nameplate by December? I imagine specially fabricated parts as will be required for such a design will take 3-6 months for procurement let alone install.
Dec 2023?
GBG Price at posting:
14.7¢ Sentiment: LT Buy Disclosure: Held
