No, I am not out. Very disappointing. More disappointing because it was Glencore that pushed BTR for "the optimizied Perkoa case" including open pit.
However...overall ressource dimished to 4.9m = minus 22 % (pretty in line with what SP has lost today) but here really the main question is: what are the full cost for production? I guess that every speculation or indication in the range of US$ 1340 the ton to US$ 1900 seems to be wrong. A cost of above 2000 would more or less mean "care & maintenance".
Well...everything depend from Kitumba now and also Kitumba is a big question mark.
To make it short: I do not believe that we might see any kind of substantial recovery here in the next 12 - 18 months.
Yes..there is some cash left to survive another 2 years or so..and hope that a wonder occurs.
This update comes really to late. I am convinced the at least Scott was aware of the issues and I am very very very surprised that Glencore was not able to foreseen all this!
That's it. Forget....and hope. Not more not less. Just a "maybe" left in the room....
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