key points for me:-
1. Cash balance: Sept15 $130m before debt pay down
Jun15 $77m after debt pay down
change $53m still very strong cash flow
2. Debt pay down:
Sept15 $10m senior secured notes
Sept15 $9m red kite facility
Sept15 $19m total
Dec15 $9m red kite facility
Dec15 $?m senior secured notes
Dec15 $?m total
With above scheduled payments compared to cash balance, servicing seems a little conservative at this stage IMO, but I suspect there will be a larger payment in Dec15 quarter as cash balance builds . This will of course depend on operational demands. In any case looks much healthier and momentum building.
Flip side, over night mining majors in bulk commodities with debts struggling to hold their value (e.g. Glencore) in a world where global demand shrinking and turmoil erupting.
Great result - GLTA
key points for me:- 1. Cash balance: Sept15 $130m before debt...
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