Thanks for elaborating. Using what you've got there (36 cents...

Thanks for elaborating. Using what you've got there (36 cents margin on 28000 tn pa) gives $22.6 mil pa. Fuel and labour costs are going down, copper is at a low in the price cycle and maintenance was brought forward in the last 12 months. It's reasonable to suggest $22.6 mil is therefore the minimum positive cash flow expected. Both resources and reserves have been upgraded recently so the exploration budget doesn't need to be large even in the medium term. I have no concerns that loan repayments can be comfortably met. I also note Scythevex's figures on an earlier thread of around $40 mil cash flow, I would be very surprised if he is incorrect.

Risk tolerance obviously varies according to your individual position but the major risk here is really lending conditions with the re-financing, not on cash flow. This suits many people here but does not have to suit all and you are of course entitled to invest according to your tolerable risk as we all are.

I hope you find that people here are open to opposing views, but you probably won't find unsubstantiated blanket statements to be appreciated on any thread.