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Yeah, if they couldn't maintain that knowledge it was definitely...

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Spice1

385 Posts.

77

01/02/24

08:53

Post #: 72176130
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Originally posted by entropylord: ↑

Looking at the QR it looked like absolutely poor performance of the concentrator and consequent drop in production and rise in unit costs was the bigger factor in the closure decision than the continued fall in the nickel price.

Either a quite sub-mediocre management and/or an aging concentrator with severe problems. The switch to owner operated workforce seems to have been totally botched. As for managing to get oxidation out of hand on the ROM pads. I guess these point to the former.

But then I am no mining person, ask our paid expert ramping futurologist. His latest assertion of cash levels $40mm, reality $27mm at 31 Dec.

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Yeah, if they couldn't maintain that knowledge it was definitely a poor decision. Costs per kT probably could've been kept lower with the contractors and the net debt position would be slightly better.
That being said, I was expecting worse for the quarter. But that was a pretty low bar.

PAN Price at posting: 3.5¢ Sentiment: Sell Disclosure: Held
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