On the basis that the company has been broadcasting 80k ozs for a while and this would have been the basis for the sale to Golden Energy, if Q1 is as bad as 10k ozs, I would imagine the sale agreement has set minimum performance levels and allows for adjustment - after all the longer term additional payments are based on the asset reaching certain performance levels so I'd be surprised if similar protections were omitted for the transition. Add on to this the recent market turmoil and associated virus scare, I imagine Golden Energy have put the pressure on big time and used every contract pressure point they could find.
Why hasn't GE just walked away??
JW's behaviour over the last 6 to 12 months has been reprehensible and nothing he says should be taken at face value.
The most likely situation in my view would be that JW was forced to give a discount to GE, especially with all the financial pressure from the banks and the need for a revised funding package. If JW delayed the gold production and left a few thousand ozs in circuit it would achieve the objectives of giving GE their demanded discount and allowing JW to peacock his ability to get the sale done at the agreed terms.
The extra costs would have to be absorbed by the company and would result in an increased overall AISIC for the full year. This would explain the ASIC discrepancy.... Nothing is what it seems with JW.
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