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.
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