Ann: September 2013 Quarterly Presentation , page-13

VAT is value-added tax I think, similar to GST?

I felt the results spoke for themselves. They produced and sold less gold, sold a large proportion under their forward contract at a rather low price. Their AISC has come down 5% at a time when gold prices got slammed.

If gold prices hold up this quarter and subsequently, that might be a good thing. Gold ain't going to rot so better to leave it in the ground until it is worth more to pull it out.

Yes, cash balance looks a little discouraging but they can negotiate to re-activate their loan facility.