Bilulu, share buy back is not a waste.
At $1 its very effective. 20m units =5%.
At june there was 176.3m us=264 aud.
Mc today is 416- 264= 150m aud for everything. MtC, JB and SDV. Gxy bought 10% in a40 at 200m. Why not buy itself at 150m? All of Gxy is now worth half of north tenements.
190kt x 500/t= $97m us, the company is worth 1.5 years of sales.
As for a40, the debt is on them. 31.3m US is payable by 1 july 2020. Should they fail. Gxy owns everything. Return of Payment is 2% on time and 5% before. Interest at 15%....Bnp debt facility still leave 10m should the company need it. 176.3m US remain in tact. The q3 earnings should cover cost plus 10m from july shipment( there was 29m sales but received 19m) by june 30. A40 don't have sales, they can't raise 31m us.
It may be the write down of 170m which appears to imply the company is losing that much, but it's not. Many search engines have gxy losing 170m instead of making 176m.
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